Question 1

The unified rate schedule applies to federal ____ taxes.

Accepted Answer

A)  inheritance and gift 
B)  gift and income 
C)  gift and estate 
D)  income and estate 
E)  estate and inheritance 
A)  inheritance and gift 
B)  gift and income 
C)  gift and estate 
D)  income and estate 
E)  estate and inheritance

Question 2

A "trustee" is also called the

Accepted Answer

A)  Settlor 
B)  Trustor 
C)  Creator 
D)  All of the above 
E)  None of the above 
A)  Settlor 
B)  Trustor 
C)  Creator 
D)  All of the above 
E)  None of the above

Question 3

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.
-For 2012,your net estate value must exceed [$1,650,000 | $3,500,000] before any federal estate taxes will be due.

Accepted Answer

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

Question 4

Your gross estate is reduced by the ____ to determine the adjusted gross estate.

Accepted Answer

A)  state death tax credit 
B)  orphan's deduction 
C)  marital deduction 
D)  funeral and administrative expenses 
E)  previous year's income tax 
A)  state death tax credit 
B)  orphan's deduction 
C)  marital deduction 
D)  funeral and administrative expenses 
E)  previous year's income tax

Question 5

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.
-Most estates are dissipated because the deceased had [an improper estate plan | no estate plan].

Accepted Answer

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

Question 6

Your real and personal property that can be transferred according to the terms of a will is called your

Accepted Answer

A)  gross estate. 
B)  probate estate. 
C)  net estate. 
D)  estate. 
E)  proper estate. 
A)  gross estate. 
B)  probate estate. 
C)  net estate. 
D)  estate. 
E)  proper estate.

Question 7

Proof of mental capacity lies on the person contesting a will,not the individual writing a will.

Accepted Answer

A) True 
 B)False

Question 8

A husband and wife together could give $20,000 to their niece with no gift tax liability even if the entire $20,000 came from the wife's checking account.

Accepted Answer

A) True 
 B)False

Question 9

A potential estate planning problem is improper distribution of assets.

Accepted Answer

A) True 
 B)False

Question 10

When writing a will,you should seek the professional services of

Accepted Answer

A)  tax accountants. 
B)  attorneys. 
C)  executors. 
D)  intestate administrators. 
E)  trustees. 
A)  tax accountants. 
B)  attorneys. 
C)  executors. 
D)  intestate administrators. 
E)  trustees.

Question 11

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 no spouse and no offspring but parents?

Accepted Answer

To survivi

Question 12

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.
-Claudia had not yet signed her newly written will when she died.This [still would | would not] be valid.

Accepted Answer

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

Question 13

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 no spouse but offspring?

Accepted Answer

100% to of

Question 14

In most states,divorce creates an automatic revocation or modification of a will.

Accepted Answer

A) True 
 B)False

Question 15

Writing a valid will does not require

Accepted Answer

A)  full knowledge of the act. 
B)  clear mental capacity. 
C)  no undue influence on the testator. 
D)  mentally competent heirs. 
E)  proper execution. 
A)  full knowledge of the act. 
B)  clear mental capacity. 
C)  no undue influence on the testator. 
D)  mentally competent heirs. 
E)  proper execution.

Question 16

A will is required by state law.

Accepted Answer

A) True 
 B)False

Question 17

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.
-If you die with no valid will in existence,you have died [intestate | testate].

Accepted Answer

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

Question 18

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.
-Property held jointly with the right of survivorship [would possibly | would not] be part of your gross estate subject to federal estate taxes.

Accepted Answer

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

Question 19

You have a spouse,two children,one grandchild,and a living father.If you died without a valid will,the person(s)most likely to receive the proceeds of your estate would be

Accepted Answer

A)  grandchildren. 
B)  children. 
C)  spouse. 
D)  father. 
E)  spouse and children. 
A)  grandchildren. 
B)  children. 
C)  spouse. 
D)  father. 
E)  spouse and children.

Question 20

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.
-You could give an unlimited amount of assets to your [children | spouse] without incurring any gift taxes.

Accepted Answer

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

The unified rate schedule applies to federal ____ taxes.

A "trustee" is also called the

Your gross estate is reduced by the ____ to determine the adjusted gross estate.

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. -Most estates are dissipated because the deceased had [an improper estate plan | no estate plan].

Your real and personal property that can be transferred according to the terms of a will is called your

Proof of mental capacity lies on the person contesting a will,not the individual writing a will.

A husband and wife together could give $20,000 to their niece with no gift tax liability even if the entire $20,000 came from the wife's checking account.

A potential estate planning problem is improper distribution of assets.

When writing a will,you should seek the professional services of

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 no spouse and no offspring but parents?

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. -Claudia had not yet signed her newly written will when she died.This [still would | would not] be valid.

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 no spouse but offspring?

In most states,divorce creates an automatic revocation or modification of a will.

Writing a valid will does not require

A will is required by state law.

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. -If you die with no valid will in existence,you have died [intestate | testate].

You have a spouse,two children,one grandchild,and a living father.If you died without a valid will,the person(s)most likely to receive the proceeds of your estate would be

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. -You could give an unlimited amount of assets to your [children | spouse] without incurring any gift taxes.

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

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Exam 15: Preserving Your Estate

The unified rate schedule applies to federal ____ taxes.

A "trustee" is also called the

Your gross estate is reduced by the ____ to determine the adjusted gross estate.

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. -Most estates are dissipated because the deceased had [an improper estate plan | no estate plan].

Your real and personal property that can be transferred according to the terms of a will is called your

Proof of mental capacity lies on the person contesting a will,not the individual writing a will.

A husband and wife together could give $20,000 to their niece with no gift tax liability even if the entire $20,000 came from the wife's checking account.

A potential estate planning problem is improper distribution of assets.

When writing a will,you should seek the professional services of

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 no spouse and no offspring but parents?

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. -Claudia had not yet signed her newly written will when she died.This [still would | would not] be valid.

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 no spouse but offspring?

In most states,divorce creates an automatic revocation or modification of a will.

Writing a valid will does not require

A will is required by state law.

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. -If you die with no valid will in existence,you have died [intestate | testate].

You have a spouse,two children,one grandchild,and a living father.If you died without a valid will,the person(s)most likely to receive the proceeds of your estate would be

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. -You could give an unlimited amount of assets to your [children | spouse] without incurring any gift taxes.

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