Question 1

Under what type of will is half of your estate taxed at your death and half at your spouse's death?

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

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 3

Which of the following would keep you from being an executor of a will?

Accepted Answer

A) Being in the military 
B) Being 16 years of age 
C) Being unmarried 
D) Being over 65 years of age 
E) Being a family member of the deceased 
A) Being in the military 
B) Being 16 years of age 
C) Being unmarried 
D) Being over 65 years of age 
E) Being a family member of the deceased

Question 4

Which of the following is the most practical first step in estate planning?

Accepted Answer

A) Preparing a will 
B) Gathering military service records 
C) Obtaining court documents with legal name changes 
D) Reviewing automobile registrations 
E) Purchasing life insurance 
A) Preparing a will 
B) Gathering military service records 
C) Obtaining court documents with legal name changes 
D) Reviewing automobile registrations 
E) Purchasing life insurance

Question 5

Kate Wilson has created a will that leaves one-half of her adjusted gross estate to her husband,Matthew.What type of will has she created?

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 6

Which of the following is a part of estate planning?

Accepted Answer

A) Making a will 
B) Setting up a trust 
C) Accumulating funds for your future 
D) Disposing of your property at your death 
E) All of these are part of estate planning. 
A) Making a will 
B) Setting up a trust 
C) Accumulating funds for your future 
D) Disposing of your property at your death 
E) All of these are part of estate planning.

Question 7

Which will is sufficient for most smaller estates?

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 8

Which one of the following wills is called an "I love you" will?

Accepted Answer

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

Question 9

As of 2016,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 10

A trust is a legal arrangement through which a trustee holds your assets for your benefit or that of your beneficiaries.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Most people cannot afford the expense of using trusts.

Accepted Answer

A) True 
 B)False

Question 13

Brenda Johnson has used a preprinted form that she got from a stationery store 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 14

Life insurance may be a reasonable,feasible,and economical means of paying your estate tax.

Accepted Answer

A) True 
 B)False

Question 15

If you establish a ____________ trust,you retain the right to end the trust or change its terms during your lifetime.

Accepted Answer

A) irrevocable 
B) revocable 
C) living 
D) self-declaration 
E) testamentary 
A) irrevocable 
B) revocable 
C) living 
D) self-declaration 
E) testamentary

Question 16

Community property is any property that has been acquired by only one of the spouses during the marriage,but not by gift,devise,bequest or inheritance,or,by the income therefrom.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is a trust that pays a specified charity income from a donated asset for a set number of years and then transfers the principal to the donor's beneficiaries with reduced estate or gift taxes at the end of the term?

Accepted Answer

A) Grantor retained annuity trust 
B) Life insurance trust 
C) Marital-deduction trust 
D) Self-declaration trust 
E) Charitable lead trust 
A) Grantor retained annuity trust 
B) Life insurance trust 
C) Marital-deduction trust 
D) Self-declaration trust 
E) Charitable lead trust

Question 18

What are some common benefits for establishing a trust?

Accepted Answer

Individual circumstances will dictate wh

Question 19

LIMRA International,a financial services research organization,provides information about estate planning to survivors in the form of a booklet.

Accepted Answer

A) True 
 B)False

Question 20

You should review your will if:

Accepted Answer

A) you move to a different state. 
B) you have sold property mentioned in the will. 
C) the size and composition of your estate has changed. 
D) you have married, divorced, or remarried. 
E) you have done any of these things listed in the other answers. 
A) you move to a different state. 
B) you have sold property mentioned in the will. 
C) the size and composition of your estate has changed. 
D) you have married, divorced, or remarried. 
E) you have done any of these things listed in the other answers.

Under what type of will is half of your estate taxed at your death and half at your spouse's death?

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

Which of the following would keep you from being an executor of a will?

Which of the following is the most practical first step in estate planning?

Kate Wilson has created a will that leaves one-half of her adjusted gross estate to her husband,Matthew.What type of will has she created?

Which of the following is a part of estate planning?

Which will is sufficient for most smaller estates?

Which one of the following wills is called an "I love you" will?

As of 2016,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 trust is a legal arrangement through which a trustee holds your assets for your benefit or that of your beneficiaries.

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

Most people cannot afford the expense of using trusts.

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

Life insurance may be a reasonable,feasible,and economical means of paying your estate tax.

If you establish a ____________ trust,you retain the right to end the trust or change its terms during your lifetime.

Community property is any property that has been acquired by only one of the spouses during the marriage,but not by gift,devise,bequest or inheritance,or,by the income therefrom.

Which of the following is a trust that pays a specified charity income from a donated asset for a set number of years and then transfers the principal to the donor's beneficiaries with reduced estate or gift taxes at the end of the term?

What are some common benefits for establishing a trust?

LIMRA International,a financial services research organization,provides information about estate planning to survivors in the form of a booklet.

You should review your will if:

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

Exam 19: Estate Planning

Under what type of will is half of your estate taxed at your death and half at your spouse's death?

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

Which of the following would keep you from being an executor of a will?

Which of the following is the most practical first step in estate planning?

Kate Wilson has created a will that leaves one-half of her adjusted gross estate to her husband,Matthew.What type of will has she created?

Which of the following is a part of estate planning?

Which will is sufficient for most smaller estates?

Which one of the following wills is called an "I love you" will?

As of 2016,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 trust is a legal arrangement through which a trustee holds your assets for your benefit or that of your beneficiaries.

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

Most people cannot afford the expense of using trusts.

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

Life insurance may be a reasonable,feasible,and economical means of paying your estate tax.

If you establish a ____________ trust,you retain the right to end the trust or change its terms during your lifetime.

Community property is any property that has been acquired by only one of the spouses during the marriage,but not by gift,devise,bequest or inheritance,or,by the income therefrom.

Which of the following is a trust that pays a specified charity income from a donated asset for a set number of years and then transfers the principal to the donor's beneficiaries with reduced estate or gift taxes at the end of the term?

What are some common benefits for establishing a trust?

LIMRA International,a financial services research organization,provides information about estate planning to survivors in the form of a booklet.

You should review your will if:

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