Question 1

If you die intestate,federal law dictates the disposition of your estate.

Accepted Answer

A) True 
 B)False

Question 2

Insufficient capital can cause problems paying estate taxes.

Accepted Answer

A) True 
 B)False

Question 3

Mike gave his 25 year old son $13,000 worth of stock in 2009.When Mike died in 2010,that stock was worth $15,000.How much of that gift would potentially be subject to the federal gift and estate tax?

Accepted Answer

A)  $30,000 
B)  $15,000 
C)  $13,000 
D)  $ 2,000 
E)  $ 0 
A)  $30,000 
B)  $15,000 
C)  $13,000 
D)  $ 2,000 
E)  $ 0

Question 4

Estate planning us designed to:

Accepted Answer

A)  administer and distribute assets 
B)  minimize taxes 
C)  increase size of estate 
D)  all of the above 
E)  none of the above 
A)  administer and distribute assets 
B)  minimize taxes 
C)  increase size of estate 
D)  all of the above 
E)  none of the above

Question 5

The goal of estate planning is to:

Accepted Answer

A)  accumulate 
B)  preserve 
C)  distribute 
D)  all of the above 
E)  none of the above 
A)  accumulate 
B)  preserve 
C)  distribute 
D)  all of the above 
E)  none of the above

Question 6

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Your estate is more likely to be subject to [state | federal] death taxes.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 7

The main objective of estate planning is to save attorney's fees.

Accepted Answer

A) True 
 B)False

Question 8

In the absence of a valid will,the heir most generally favored would be the

Accepted Answer

A)  spouse. 
B)  children. 
C)  parents. 
D)  grandchildren. 
E)  All of these are treated as equals. 
A)  spouse. 
B)  children. 
C)  parents. 
D)  grandchildren. 
E)  All of these are treated as equals.

Question 9

One of the aspects of disposition of property consists of

Accepted Answer

A)  distribution of residual assets after specific gifts have been made 
B)  allocating the burden of taxes among the beneficiaries 
C)  determining which county will have legal jurisdiction 
D)  naming the executors of the estate 
E)  none of the above 
A)  distribution of residual assets after specific gifts have been made 
B)  allocating the burden of taxes among the beneficiaries 
C)  determining which county will have legal jurisdiction 
D)  naming the executors of the estate 
E)  none of the above

Question 10

The gift tax exclusion applies

Accepted Answer

A)  per recipient annually. 
B)  per donor annually. 
C)  per recipient per lifetime. 
D)  per donor per lifetime. 
E)  to all spouses' gifts to each other. 
A)  per recipient annually. 
B)  per donor annually. 
C)  per recipient per lifetime. 
D)  per donor per lifetime. 
E)  to all spouses' gifts to each other.

Question 11

In most states,the surviving spouse may be entitled to a portion of the estate beyond that granted in the will through the right of election.

Accepted Answer

A) True 
 B)False

Question 12

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse and offspring?

Accepted Answer

50% to surviving spo

Question 13

Which of the following is not a type of trust

Accepted Answer

A)  credit shelter trust 
B)  qualified terminable interest property trust 
C)  crummey trust 
D)  charitable remainder trust 
E)  credible property sharing trust 
A)  credit shelter trust 
B)  qualified terminable interest property trust 
C)  crummey trust 
D)  charitable remainder trust 
E)  credible property sharing trust

Question 14

When selecting a trustee,you should consider her

Accepted Answer

A)  investment and trust management skills. 
B)  business knowledge and judgment. 
C)  relationship of the person to the family. 
D)  a and b 
E)  b and c 
A)  investment and trust management skills. 
B)  business knowledge and judgment. 
C)  relationship of the person to the family. 
D)  a and b 
E)  b and c

Question 15

Gathering data on all aspects of the family is an important estate planning function.

Accepted Answer

A) True 
 B)False

Question 16

Spouses who are U.S.citizens are treated the same as non-citizen spouses for estate tax purposes.

Accepted Answer

A) True 
 B)False

Question 17

With the passage of the 2001 tax laws,there is now an advantage to incurring estate tax rather than gift tax liabilities.

Accepted Answer

A) True 
 B)False

Question 18

Disability is a common reason for estates to break up.

Accepted Answer

A) True 
 B)False

Question 19

Most commentators believe the annual exclusion amount from estate tax will be set at $3,500,000 for 2013.

Accepted Answer

A)  $500,000 
B)  $1,000,000 
C)  $2,000,000 
D)  $3,500,000 
E)  $5,000,000 
A)  $500,000 
B)  $1,000,000 
C)  $2,000,000 
D)  $3,500,000 
E)  $5,000,000

Question 20

Life insurance could alleviate estate problems caused by

Accepted Answer

A)  inflation. 
B)  improper management. 
C)  disabilities. 
D)  lack of liquidity. 
E)  incorrect vehicle of transfer. 
A)  inflation. 
B)  improper management. 
C)  disabilities. 
D)  lack of liquidity. 
E)  incorrect vehicle of transfer.

If you die intestate,federal law dictates the disposition of your estate.

Insufficient capital can cause problems paying estate taxes.

Mike gave his 25 year old son $13,000 worth of stock in 2009.When Mike died in 2010,that stock was worth $15,000.How much of that gift would potentially be subject to the federal gift and estate tax?

Estate planning us designed to:

The goal of estate planning is to:

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Your estate is more likely to be subject to [state | federal] death taxes.

The main objective of estate planning is to save attorney's fees.

In the absence of a valid will,the heir most generally favored would be the

One of the aspects of disposition of property consists of

The gift tax exclusion applies

In most states,the surviving spouse may be entitled to a portion of the estate beyond that granted in the will through the right of election.

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse and offspring?

Which of the following is not a type of trust

When selecting a trustee,you should consider her

Gathering data on all aspects of the family is an important estate planning function.

Spouses who are U.S.citizens are treated the same as non-citizen spouses for estate tax purposes.

With the passage of the 2001 tax laws,there is now an advantage to incurring estate tax rather than gift tax liabilities.

Disability is a common reason for estates to break up.

Most commentators believe the annual exclusion amount from estate tax will be set at $3,500,000 for 2013.

Life insurance could alleviate estate problems caused by

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Filters

Exam 15: Preserving Your Estate

If you die intestate,federal law dictates the disposition of your estate.

Insufficient capital can cause problems paying estate taxes.

Mike gave his 25 year old son $13,000 worth of stock in 2009.When Mike died in 2010,that stock was worth $15,000.How much of that gift would potentially be subject to the federal gift and estate tax?

Estate planning us designed to:

The goal of estate planning is to:

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Your estate is more likely to be subject to [state | federal] death taxes.

The main objective of estate planning is to save attorney's fees.

In the absence of a valid will,the heir most generally favored would be the

One of the aspects of disposition of property consists of

The gift tax exclusion applies

In most states,the surviving spouse may be entitled to a portion of the estate beyond that granted in the will through the right of election.

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse and offspring?

Which of the following is not a type of trust

When selecting a trustee,you should consider her

Gathering data on all aspects of the family is an important estate planning function.

Spouses who are U.S.citizens are treated the same as non-citizen spouses for estate tax purposes.

With the passage of the 2001 tax laws,there is now an advantage to incurring estate tax rather than gift tax liabilities.

Disability is a common reason for estates to break up.

Most commentators believe the annual exclusion amount from estate tax will be set at $3,500,000 for 2013.

Life insurance could alleviate estate problems caused by

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Filters