Exam 19: Estate Planning

Wills have existed for thousands of years; the oldest known will was written by an Egyptian pharaoh in 2448 BC.

Gerry Legere has died without writing a will.What is the legal term for this?

A federal and state tax levied on the privilege of making gifts to others is called a ____________ tax.

In estate planning,if you are married:

A living will is a good substitute for a traditional will.

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

If you die without a valid will,you die intestate.

You can assign a durable power of attorney to anyone you choose.

A legal arrangement through which your assets are held by a trustee for your benefit or that of your beneficiaries is called a:

In what type of joint ownership may neither spouse sell the property without the consent of the other?

A disclaimer trust is designed for the couple who do not yet have enough assets to need a credit-shelter trust.

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

James Fitzwater has created a will that leaves exactly $2 million to his wife in anticipation of her income needs.What type of will has James created?

Sally Forth has a trust that she can end at any time she wants.She has assets in the trust that she thinks she may need to use at a later date.What type of trust does Sally have?

Unmarried couples face formidable retirement and estate planning challenges.

Probate is a legal procedure of proving a valid or invalid will.

A generation-skipping trust allows people to directly leave a substantial amount of money to their grandchildren.

An estate plan is usually implemented by a will and one or more trust agreements.

If you never married,you don't need to organize your financial affairs.

The adjusted gross estate is equal to the gross estate minus debts and costs.