Exam 15: Preserving Your Estate

The primary purpose of life insurance is to replace lost income upon the death of the insured or to provide cash to pay a transfer tax at death and other end of life expenses.

(True/False)

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Question 61

If the ownership of a closely held company is less than 50% of the outstanding stock, then the ownership is termed a:

(Multiple Choice)

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Question 62

The primary taxes to consider in estate planning are the income tax, the gift tax, and the estate tax.

(True/False)

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Question 63

Estate planning requires the knowledge of wills, trusts, and taxes.

(True/False)

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Question 64

The tax base for the transfer tax is:

(Multiple Choice)

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Question 65

INSTRUCTIONS: 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. [ A living will | An ethical will ] includes a personal statement of your values, blessings, life's lessons, and hopes and dreams for the future.

(Short Answer)

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Question 66

INSTRUCTIONS: 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. Through a [ living will | durable power of attorney for health care ], you authorize an individual to make health care decisions for you if you are unable to do so.

(Short Answer)

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Question 67

INSTRUCTIONS: 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. Mike and Tristan, father and son, own property as tenants in common. Tristan [ can | cannot ] write a valid will leaving his part of this property to his friend Joe.

(Short Answer)

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Question 68

A document that precisely states the treatments a person wants if he or she becomes terminally ill is called a(n):

(Multiple Choice)

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Question 69

People planning means anticipating the needs of loved ones and providing enough financial resources to ensure a continuation of their way of life.

(True/False)

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Question 70

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

(Multiple Choice)

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Question 71

A will can be revoked by the testator only.

(True/False)

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Question 72

Which of the following statements about the review of estate plans is true?

(Multiple Choice)

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Question 73

Showing 61 - 73 of 73

The primary purpose of life insurance is to replace lost income upon the death of the insured or to provide cash to pay a transfer tax at death and other end of life expenses.

If the ownership of a closely held company is less than 50% of the outstanding stock, then the ownership is termed a:

The primary taxes to consider in estate planning are the income tax, the gift tax, and the estate tax.

Estate planning requires the knowledge of wills, trusts, and taxes.

The tax base for the transfer tax is:

A document that precisely states the treatments a person wants if he or she becomes terminally ill is called a(n):

People planning means anticipating the needs of loved ones and providing enough financial resources to ensure a continuation of their way of life.

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

A will can be revoked by the testator only.

Which of the following statements about the review of estate plans is true?

Understanding the Financial Planning Process

Developing Your Financial Statements and Plans

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 and Real Estate

Planning for Retirement

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