Exam 15: Preserving Your Estate

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In 2018, James gave his son John a $5,000,000 term life insurance policy taken on James' life. At the time of the gift, James was in good health, and the value of the term insurance policy for gift tax purposes was less than the $14,000 annual exclusion amount. However, James died in 2019. Which of the following statements is true?

(Multiple Choice)

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Question 41

You have a spouse, two children, three brothers, 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 your:

(Multiple Choice)

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Question 42

A trustee is the person who writes a will.

(True/False)

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Question 43

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

(True/False)

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Question 44

The tax base for the transfer tax is:

(Multiple Choice)

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Question 45

You could give an unlimited amount of assets to your _____ without incurring any gift taxes.

(Multiple Choice)

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Question 46

Which of the following leads to the breakup of an estate?

(Multiple Choice)

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Question 47

The disposition of property involves:

(Multiple Choice)

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Question 48

_____ would be a first-level death-related cost.

(Multiple Choice)

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Question 49

People planning means providing sustenance and resources for family members by anticipating their future needs.

(True/False)

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Question 50

A form of joint ownership that may exist only between husband and wife is:

(Multiple Choice)

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Question 51

Showing 41 - 51 of 51

You have a spouse, two children, three brothers, 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 your:

A trustee is the person who writes a will.

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

The tax base for the transfer tax is:

You could give an unlimited amount of assets to your _____ without incurring any gift taxes.

Which of the following leads to the breakup of an estate?

The disposition of property involves:

_____ would be a first-level death-related cost.

People planning means providing sustenance and resources for family members by anticipating their future needs.

A form of joint ownership that may exist only between husband and wife is:

Understanding the Financial 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, Etfs, and Real Estate

Planning for Retirement

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