Question 1

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

Accepted Answer

A) Estate planning and review is a very simple process without any legal hassles. 
B) Periodic reviews and revisions are required to update the plan. 
C) Life events like disability and job change do not influence the review of estate plans. 
D) Estates are exempted from taxes when there is an intestacy,which makes a review process redundant. 
E) Transfer costs are not applicable to the transfer of estates and,therefore,will not affect the review plan. 
A) Estate planning and review is a very simple process without any legal hassles. 
B) Periodic reviews and revisions are required to update the plan. 
C) Life events like disability and job change do not influence the review of estate plans. 
D) Estates are exempted from taxes when there is an intestacy,which makes a review process redundant. 
E) Transfer costs are not applicable to the transfer of estates and,therefore,will not affect the review plan.

Question 2

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

Accepted Answer

A) Death-related costs 
B) The presence of probate estates 
C) The proper use of vehicles of transfer 
D) Highly liquid assets 
E) The availability of a will 
A) Death-related costs 
B) The presence of probate estates 
C) The proper use of vehicles of transfer 
D) Highly liquid assets 
E) The availability of a will

Question 3

A _____ gives the rights of survivorship to the other owner of a property.

Accepted Answer

A) joint tenancy 
B) grantor property 
C) tenancy in common 
D) tenancy by the beneficiary 
E) community property 
A) joint tenancy 
B) grantor property 
C) tenancy in common 
D) tenancy by the beneficiary 
E) community property

Question 4

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

Accepted Answer

A) joint tenancy. 
B) joint tenancy with right of survivorship. 
C) joint tenancy without right of proprietorship. 
D) tenancy in common. 
E) tenancy by the entirety. 
A) joint tenancy. 
B) joint tenancy with right of survivorship. 
C) joint tenancy without right of proprietorship. 
D) tenancy in common. 
E) tenancy by the entirety.

Question 5

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 your:

Accepted Answer

A) grandchildren. 
B) spouse. 
C) parents. 
D) brothers. 
E) friends. 
A) grandchildren. 
B) spouse. 
C) parents. 
D) brothers. 
E) friends.

Question 6

The unused unified transfer tax (UTT)credit can be used by the __________. ​

Accepted Answer

A) spouse 
B) sibling 
C) children 
D) parent 
A) spouse 
B) sibling 
C) children 
D) parent

Question 7

Estate planning is designed to:

Accepted Answer

A) avoid the disposition of assets to the possible beneficiaries. 
B) minimize the taxes involved in the transfer of assets. 
C) create a situation of intestacy. 
D) increase the taxable income. 
E) enhance the market value of the assets. 
A) avoid the disposition of assets to the possible beneficiaries. 
B) minimize the taxes involved in the transfer of assets. 
C) create a situation of intestacy. 
D) increase the taxable income. 
E) enhance the market value of the assets.

Question 8

Charitable contributions given during one's lifetime provide an income tax deduction and remove property from the estate.

Accepted Answer

A) True 
 B)False

Question 9

A credit shelter trust is used to save estate tax by using the unused unified transfer tax (UTT)credit.

Accepted Answer

A) True 
 B)False

Question 10

A unified transfer tax (UTT)credit is unique to an individual.

Accepted Answer

A) True 
 B)False

Question 11

The transfer of a life insurance policy to the trust must be at least __________ years before death or it is ignored,in which case the life insurance benefits are included in the taxable estate. ​

Accepted Answer

A) three 
B) four 
C) five 
D) six 
A) three 
B) four 
C) five 
D) six

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

To minimize the transfer tax on the transfer of a life insurance policy,individuals must transfer it to their siblings.

Accepted Answer

A) True 
 B)False

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

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

A _____ gives the rights of survivorship to the other owner of a property.

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

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 your:

The unused unified transfer tax (UTT)credit can be used by the __________.

Estate planning is designed to:

Charitable contributions given during one's lifetime provide an income tax deduction and remove property from the estate.

A credit shelter trust is used to save estate tax by using the unused unified transfer tax (UTT)credit.

A unified transfer tax (UTT)credit is unique to an individual.

The transfer of a life insurance policy to the trust must be at least __________ years before death or it is ignored,in which case the life insurance benefits are included in the taxable estate.

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

To minimize the transfer tax on the transfer of a life insurance policy,individuals must transfer it to their siblings.

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, ETFS and Real Estate

Planning for Retirement

Filters

Exam 15: Preserving Your Estate

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

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

A _____ gives the rights of survivorship to the other owner of a property.

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

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 your:

The unused unified transfer tax (UTT)credit can be used by the __________. ​

Estate planning is designed to:

Charitable contributions given during one's lifetime provide an income tax deduction and remove property from the estate.

A credit shelter trust is used to save estate tax by using the unused unified transfer tax (UTT)credit.

A unified transfer tax (UTT)credit is unique to an individual.

The transfer of a life insurance policy to the trust must be at least __________ years before death or it is ignored,in which case the life insurance benefits are included in the taxable estate. ​

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

To minimize the transfer tax on the transfer of a life insurance policy,individuals must transfer it to their siblings.

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, ETFS and Real Estate

Planning for Retirement

Filters

The unused unified transfer tax (UTT)credit can be used by the __________.

The transfer of a life insurance policy to the trust must be at least __________ years before death or it is ignored,in which case the life insurance benefits are included in the taxable estate.