Question 1

Dying intestate means dying with a valid will.

Accepted Answer

A) True 
 B)False

Question 2

Liquidity is important in an estate to pay for death costs and possible taxes.

Accepted Answer

A) True 
 B)False

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.
-The person setting up a trust is called the [grantor | trustee].

Accepted Answer

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

Question 4

When you die intestate,you have given the court or state the privilege of determining

Accepted Answer

A)  tax deadlines. 
B)  burial arrangements. 
C)  guardians of dependents. 
D)  beneficiary needs. 
E)  divisions of estate to charities. 
A)  tax deadlines. 
B)  burial arrangements. 
C)  guardians of dependents. 
D)  beneficiary needs. 
E)  divisions of estate to charities.

Question 5

Inflation is a common reason for estates to break up.

Accepted Answer

A) True 
 B)False

Question 6

One should make copies of his will and store them in different places.

Accepted Answer

A) True 
 B)False

Question 7

Why does an estate "Break Up"

Accepted Answer

A)  Death related costs 
B)  Inflation 
C)  Improper use of vehicles of transfer 
D)  Lack of liquidity 
E)  all of the above 
A)  Death related costs 
B)  Inflation 
C)  Improper use of vehicles of transfer 
D)  Lack of liquidity 
E)  all of the above

Question 8

The top federal gift and estate tax rate for 2013 is expected to be 45 percent.

Accepted Answer

A) True 
 B)False

Question 9

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.
-[Married | Unmarried] couples have the greater need for estate planning.

Accepted Answer

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

Question 10

A codicil is a simple and convenient legal means of modifying a will.

Accepted Answer

A) True 
 B)False

Question 11

The intestate process is federally mandated,and is similar from state to state.

Accepted Answer

A) True 
 B)False

Question 12

Joint ownership of assets is an effective substitute for a will.

Accepted Answer

A) True 
 B)False

Question 13

The person who writes a will is called the

Accepted Answer

A)  testator. 
B)  attorney. 
C)  probater. 
D)  estate planner. 
E)  grantor. 
A)  testator. 
B)  attorney. 
C)  probater. 
D)  estate planner. 
E)  grantor.

Question 14

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 any number of people [$13,000 | $25,000] per year without having to pay any gift taxes.

Accepted Answer

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

Question 15

The person or guardian you chose for your children should

Accepted Answer

A)  be willing to relocate to your home state 
B)  have at least $100,000 in assets 
C)  be willing to take care of your children according to your wishes 
D)  be a partial beneficiary of your estate 
E)  none of the above 
A)  be willing to relocate to your home state 
B)  have at least $100,000 in assets 
C)  be willing to take care of your children according to your wishes 
D)  be a partial beneficiary of your estate 
E)  none of the above

Question 16

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 will [may | may not] contain a testamentary trust.

Accepted Answer

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

Question 17

Requirements for a valid will do not include

Accepted Answer

A)  The testator must be of sound mind. 
B)  The testator must not be unduly influenced. 
C)  The will must be properly executed. 
D)  There must be no fraud in the execution of the will. 
E)  The will must be drawn up by an attorney. 
A)  The testator must be of sound mind. 
B)  The testator must not be unduly influenced. 
C)  The will must be properly executed. 
D)  There must be no fraud in the execution of the will. 
E)  The will must be drawn up by an attorney.

Question 18

A durable power of attorney for health care allows loved ones to terminate life support.

Accepted Answer

A) True 
 B)False

Question 19

Your will would appoint ____ to carry out the terms of the will.

Accepted Answer

A)  a family attorney 
B)  an executor 
C)  a tax accountant 
D)  a life insurance beneficiary 
E)  an administrator 
A)  a family attorney 
B)  an executor 
C)  a tax accountant 
D)  a life insurance beneficiary 
E)  an administrator

Question 20

Gift giving can reduce estate tax liability.

Accepted Answer

A) True 
 B)False

Dying intestate means dying with a valid will.

Liquidity is important in an estate to pay for death costs and possible taxes.

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. -The person setting up a trust is called the [grantor | trustee].

When you die intestate,you have given the court or state the privilege of determining

Inflation is a common reason for estates to break up.

One should make copies of his will and store them in different places.

Why does an estate "Break Up"

The top federal gift and estate tax rate for 2013 is expected to be 45 percent.

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. -[Married | Unmarried] couples have the greater need for estate planning.

A codicil is a simple and convenient legal means of modifying a will.

The intestate process is federally mandated,and is similar from state to state.

Joint ownership of assets is an effective substitute for a will.

The person who writes a will is called the

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 any number of people [$13,000 | $25,000] per year without having to pay any gift taxes.

The person or guardian you chose for your children should

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 will [may | may not] contain a testamentary trust.

Requirements for a valid will do not include

A durable power of attorney for health care allows loved ones to terminate life support.

Your will would appoint ____ to carry out the terms of the will.

Gift giving can reduce estate tax liability.

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

Dying intestate means dying with a valid will.

Liquidity is important in an estate to pay for death costs and possible taxes.

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. -The person setting up a trust is called the [grantor | trustee].

When you die intestate,you have given the court or state the privilege of determining

Inflation is a common reason for estates to break up.

One should make copies of his will and store them in different places.

Why does an estate "Break Up"

The top federal gift and estate tax rate for 2013 is expected to be 45 percent.

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. -[Married | Unmarried] couples have the greater need for estate planning.

A codicil is a simple and convenient legal means of modifying a will.

The intestate process is federally mandated,and is similar from state to state.

Joint ownership of assets is an effective substitute for a will.

The person who writes a will is called the

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 any number of people [$13,000 | $25,000] per year without having to pay any gift taxes.

The person or guardian you chose for your children should

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 will [may | may not] contain a testamentary trust.

Requirements for a valid will do not include

A durable power of attorney for health care allows loved ones to terminate life support.

Your will would appoint ____ to carry out the terms of the will.

Gift giving can reduce estate tax liability.

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