Question 1

A will is a legal declaration of a person's mind as to the disposition of his or her property after death.

Accepted Answer

A) True 
 B)False

Question 2

Many people do little, if any, estate planning.

Accepted Answer

A) True 
 B)False

Question 3

Under the traditional marital share will, half of your estate is taxed at your death and half at your spouse's death.

Accepted Answer

A) True 
 B)False

Question 4

Most states do not recognize living wills.

Accepted Answer

A) True 
 B)False

Question 5

What are some common reasons for setting up a trust?

Accepted Answer

Setting up a trust can serve a variety o

Question 6

A credit-shelter trust is known as a bypass trust, a "residuary" trust, an A/B trust, or a family trust.

Accepted Answer

A) True 
 B)False

Question 7

A guardian is a person or an institution that holds property for the benefit of someone else.

Accepted Answer

A) True 
 B)False

Question 8

If you marry after you have made a will, you are better off drawing a new will to fit your new circumstances.

Accepted Answer

A) True 
 B)False

Question 9

George Wade has been selected to receive the assets of his brother Kyle in the event of Kyle's death. What is George?

Accepted Answer

A)  Executor 
B)  Trustee 
C)  Guardian 
D)  Beneficiary 
E)  Agent 
A)  Executor 
B)  Trustee 
C)  Guardian 
D)  Beneficiary 
E)  Agent

Question 10

Unmarried couples face formidable retirement and estate planning challenges.

Accepted Answer

A) True 
 B)False

Question 11

What is estate planning and how does your personal situation affect that planning?

Accepted Answer

The answer of What is estate planning and how does...

Question 12

A power of attorney is a legal document authorizing someone to act on your behalf.

Accepted Answer

A) True 
 B)False

Question 13

As of 2013, what is the maximum yearly amount that an individual can give as a gift without incurring gift tax liability or having to report the gift to the IRS?

Accepted Answer

A)  $5,000 
B)  $14,000 
C)  $15,000 
D)  $20,000 
E)  $25,000 
A)  $5,000 
B)  $14,000 
C)  $15,000 
D)  $20,000 
E)  $25,000

Question 14

A living trust does not avoid probate but it is less expensive, quicker, and private.

Accepted Answer

A) True 
 B)False

Question 15

Estate planning involves which of the following?

Accepted Answer

A)  Managing your property while you are alive 
B)  Dealing with what happens to your property after your death 
C)  Your family's financial security in the event of your death 
D)  Your family's financial security in the event of your spouse's death 
E)  All of these are actions involved in estate planning. 
A)  Managing your property while you are alive 
B)  Dealing with what happens to your property after your death 
C)  Your family's financial security in the event of your death 
D)  Your family's financial security in the event of your spouse's death 
E)  All of these are actions involved in estate planning.

Question 16

Gerald Wilkins owns a home worth $250,000, a car worth $15,000, various investments worth $600,000 and other personal assets worth $25,000. He still owes $125,000 on his mortgage and $5,000 on a car loan. The probate and administration costs of his estate are estimated at $5,000. What is his estimated net taxable estate?

Accepted Answer

A)  $850,000 
B)  $870,000 
C)  $875,000 
D)  $755,000 
E)  $760,000 
A)  $850,000 
B)  $870,000 
C)  $875,000 
D)  $755,000 
E)  $760,000

Question 17

Brenda Johnson has used a preprinted form that she got from the internet to create her will. What type of will has she created?

Accepted Answer

A)  Holographic 
B)  Formal 
C)  Statutory 
D)  Casual 
E)  Living 
A)  Holographic 
B)  Formal 
C)  Statutory 
D)  Casual 
E)  Living

Question 18

A formal will may be either typed or on a preprinted form.

Accepted Answer

A) True 
 B)False

Question 19

A formal will is usually prepared with an attorney's assistance.

Accepted Answer

A) True 
 B)False

Question 20

If you marry after you have made a will, the will is revoked automatically unless certain conditions are met.

Accepted Answer

A) True 
 B)False

A will is a legal declaration of a person's mind as to the disposition of his or her property after death.

Many people do little, if any, estate planning.

Under the traditional marital share will, half of your estate is taxed at your death and half at your spouse's death.

Most states do not recognize living wills.

What are some common reasons for setting up a trust?

A credit-shelter trust is known as a bypass trust, a "residuary" trust, an A/B trust, or a family trust.

A guardian is a person or an institution that holds property for the benefit of someone else.

If you marry after you have made a will, you are better off drawing a new will to fit your new circumstances.

George Wade has been selected to receive the assets of his brother Kyle in the event of Kyle's death. What is George?

Unmarried couples face formidable retirement and estate planning challenges.

What is estate planning and how does your personal situation affect that planning?

A power of attorney is a legal document authorizing someone to act on your behalf.

As of 2013, what is the maximum yearly amount that an individual can give as a gift without incurring gift tax liability or having to report the gift to the IRS?

A living trust does not avoid probate but it is less expensive, quicker, and private.

Estate planning involves which of the following?

Brenda Johnson has used a preprinted form that she got from the internet to create her will. What type of will has she created?

A formal will may be either typed or on a preprinted form.

A formal will is usually prepared with an attorney's assistance.

If you marry after you have made a will, the will is revoked automatically unless certain conditions are met.

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

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Exam 19: Estate Planning

A will is a legal declaration of a person's mind as to the disposition of his or her property after death.

Many people do little, if any, estate planning.

Under the traditional marital share will, half of your estate is taxed at your death and half at your spouse's death.

Most states do not recognize living wills.

What are some common reasons for setting up a trust?

A credit-shelter trust is known as a bypass trust, a "residuary" trust, an A/B trust, or a family trust.

A guardian is a person or an institution that holds property for the benefit of someone else.

If you marry after you have made a will, you are better off drawing a new will to fit your new circumstances.

George Wade has been selected to receive the assets of his brother Kyle in the event of Kyle's death. What is George?

Unmarried couples face formidable retirement and estate planning challenges.

What is estate planning and how does your personal situation affect that planning?

A power of attorney is a legal document authorizing someone to act on your behalf.

As of 2013, what is the maximum yearly amount that an individual can give as a gift without incurring gift tax liability or having to report the gift to the IRS?

A living trust does not avoid probate but it is less expensive, quicker, and private.

Estate planning involves which of the following?

Brenda Johnson has used a preprinted form that she got from the internet to create her will. What type of will has she created?

A formal will may be either typed or on a preprinted form.

A formal will is usually prepared with an attorney's assistance.

If you marry after you have made a will, the will is revoked automatically unless certain conditions are met.

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Filters