Question 1

Which type of will allows you to pass to your spouse any amount that satisfies your family objective?

Accepted Answer

A) Simple 
B) Traditional marital share 
C) Exemption trust 
D) Stated dollar amount 
E) A/B trust 
A) Simple 
B) Traditional marital share 
C) Exemption trust 
D) Stated dollar amount 
E) A/B trust

Question 2

The state law sets the fees for executors,whether professionals or friends.

Accepted Answer

A) True 
 B)False

Question 3

The cost of preparing a will varies from place to place.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is the creator of a trust?

Accepted Answer

A) Estate 
B) Trustee 
C) Grantor 
D) Beneficiary 
E) Survivor 
A) Estate 
B) Trustee 
C) Grantor 
D) Beneficiary 
E) Survivor

Question 5

A surgeon,who will soon finish paying off college loans,might want to set up a:

Accepted Answer

A) credit-shelter trust. 
B) marital-deduction trust. 
C) living trust. 
D) inter vivos trust. 
E) disclaimer trust. 
A) credit-shelter trust. 
B) marital-deduction trust. 
C) living trust. 
D) inter vivos trust. 
E) disclaimer trust.

Question 6

Perhaps the most popular form of marital trust is the Q-TIP trust.

Accepted Answer

A) True 
 B)False

Question 7

Your executor can be which of the following:

Accepted Answer

A) a family member. 
B) a friend. 
C) an attorney. 
D) an accountant. 
E) Your executor can be any of these. 
A) a family member. 
B) a friend. 
C) an attorney. 
D) an accountant. 
E) Your executor can be any of these.

Question 8

Which of the following is not a true statement about a holographic will?

Accepted Answer

A) It is handwritten. 
B) It should be dated in your own handwriting. 
C) It is always prepared by an attorney. 
D) It should be signed in your own handwriting. 
E) Some states may not recognize it. 
A) It is handwritten. 
B) It should be dated in your own handwriting. 
C) It is always prepared by an attorney. 
D) It should be signed in your own handwriting. 
E) Some states may not recognize it.

Question 9

Your estate consists of everything you own,including interests in trusts and powers of appointment.

Accepted Answer

A) True 
 B)False

Question 10

A living trust avoids probate at your death.

Accepted Answer

A) True 
 B)False

Question 11

Benjamin Wiley is married and has assets totaling $7 million.What type of will would most likely result in the lowest overall amount of federal estate taxes? Assume the exemption amount is $3 million.

Accepted Answer

A) Simple 
B) Traditional marital share 
C) Exemption trust 
D) Stated dollar amount 
E) Living 
A) Simple 
B) Traditional marital share 
C) Exemption trust 
D) Stated dollar amount 
E) Living

Question 12

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

Accepted Answer

A) Simple 
B) Traditional marital share 
C) Exemption trust 
D) Stated dollar amount 
E) A/B trust 
A) Simple 
B) Traditional marital share 
C) Exemption trust 
D) Stated dollar amount 
E) A/B trust

Question 13

Making any changes on the face of your will can invalidate it.

Accepted Answer

A) True 
 B)False

Question 14

A credit-shelter trust is perhaps the most common estate-planning trust.

Accepted Answer

A) True 
 B)False

Question 15

Another name for an executor is an executrix.

Accepted Answer

A) True 
 B)False

Question 16

A will is:

Accepted Answer

A) a way to transfer your property according to your wishes after you die. 
B) a synonym for a prenuptial agreement. 
C) a legal document authorizing someone to act on your behalf. 
D) a synonym for a letter of last instruction. 
E) a legal arrangement through which your assets are held by someone else. 
A) a way to transfer your property according to your wishes after you die. 
B) a synonym for a prenuptial agreement. 
C) a legal document authorizing someone to act on your behalf. 
D) a synonym for a letter of last instruction. 
E) a legal arrangement through which your assets are held by someone else.

Question 17

A standard will costs:

Accepted Answer

A) $200. 
B) between $200 and $300. 
C) $300. 
D) between $300 and $600. 
E) $600. 
A) $200. 
B) between $200 and $300. 
C) $300. 
D) between $300 and $600. 
E) $600.

Question 18

A person who will follow your instructions specified in your will is called a:

Accepted Answer

A) beneficiary. 
B) trustor. 
C) witness. 
D) executor. 
E) codicil. 
A) beneficiary. 
B) trustor. 
C) witness. 
D) executor. 
E) codicil.

Question 19

What are the federal and state tax considerations in estate planning?

Accepted Answer

The tax aspects of estate planning have

Question 20

George Smith worries that his deteriorating health is going to make him incapacitated and unable to conduct his personal affairs.He wants to grant his nephew,Brandon Smith,the ability to act on his behalf.To do this,what document would he most likely need?

Accepted Answer

A) Letter of last instruction 
B) Durable power of attorney 
C) Will 
D) Revocable trust 
E) Irrevocable trust 
A) Letter of last instruction 
B) Durable power of attorney 
C) Will 
D) Revocable trust 
E) Irrevocable trust

Which type of will allows you to pass to your spouse any amount that satisfies your family objective?

The state law sets the fees for executors,whether professionals or friends.

The cost of preparing a will varies from place to place.

Which of the following is the creator of a trust?

A surgeon,who will soon finish paying off college loans,might want to set up a:

Perhaps the most popular form of marital trust is the Q-TIP trust.

Your executor can be which of the following:

Which of the following is not a true statement about a holographic will?

Your estate consists of everything you own,including interests in trusts and powers of appointment.

A living trust avoids probate at your death.

Benjamin Wiley is married and has assets totaling $7 million.What type of will would most likely result in the lowest overall amount of federal estate taxes? Assume the exemption amount is $3 million.

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

Making any changes on the face of your will can invalidate it.

A credit-shelter trust is perhaps the most common estate-planning trust.

Another name for an executor is an executrix.

A will is:

A standard will costs:

A person who will follow your instructions specified in your will is called a:

What are the federal and state tax considerations in estate planning?

George Smith worries that his deteriorating health is going to make him incapacitated and unable to conduct his personal affairs.He wants to grant his nephew,Brandon Smith,the ability to act on his behalf.To do this,what document would he most likely need?

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 Stock

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

Which type of will allows you to pass to your spouse any amount that satisfies your family objective?

The state law sets the fees for executors,whether professionals or friends.

The cost of preparing a will varies from place to place.

Which of the following is the creator of a trust?

A surgeon,who will soon finish paying off college loans,might want to set up a:

Perhaps the most popular form of marital trust is the Q-TIP trust.

Your executor can be which of the following:

Which of the following is not a true statement about a holographic will?

Your estate consists of everything you own,including interests in trusts and powers of appointment.

A living trust avoids probate at your death.

Benjamin Wiley is married and has assets totaling $7 million.What type of will would most likely result in the lowest overall amount of federal estate taxes? Assume the exemption amount is $3 million.

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

Making any changes on the face of your will can invalidate it.

A credit-shelter trust is perhaps the most common estate-planning trust.

Another name for an executor is an executrix.

A will is:

A standard will costs:

A person who will follow your instructions specified in your will is called a:

What are the federal and state tax considerations in estate planning?

George Smith worries that his deteriorating health is going to make him incapacitated and unable to conduct his personal affairs.He wants to grant his nephew,Brandon Smith,the ability to act on his behalf.To do this,what document would he most likely need?

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 Stock

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Filters