Question 1

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n):

Accepted Answer

A) beneficiary. 
B) executor. 
C) trustee. 
D) guardian. 
E) executrix. 
A) beneficiary. 
B) executor. 
C) trustee. 
D) guardian. 
E) executrix.

Question 2

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Accepted Answer

A) tenancy by default 
B) tenancy by the entirety 
C) tenants in common 
D) joint tenants with the right of survivorship 
E) tenancy by performance 
A) tenancy by default 
B) tenancy by the entirety 
C) tenants in common 
D) joint tenants with the right of survivorship 
E) tenancy by performance

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

Accepted Answer

A) letter of last instruction. 
B) codicil. 
C) prenuptial agreement. 
D) marital agreement. 
E) marital share will. 
A) letter of last instruction. 
B) codicil. 
C) prenuptial agreement. 
D) marital agreement. 
E) marital share will.

Question 7

A person who will follow your carry out the instructions specified in your will is called a(n):

Accepted Answer

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

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

A large percentage of people do little or nothing to provide for those who will survive them.

Accepted Answer

A) True 
 B)False

Question 10

A will is:

Accepted Answer

A) the legal declaration of a person's mind as to the disposition of his or her property after his or her death. 
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) the legal declaration of a person's mind as to the disposition of his or her property after his or her death. 
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 11

As of 2010,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) $13,000 
C) $15,000 
D) $20,000 
E) $25,000 
A) $5,000 
B) $13,000 
C) $15,000 
D) $20,000 
E) $25,000

Question 12

Which one of the following provides for the disposition of your assets and is usually prepared with an attorney's assistance?

Accepted Answer

A) medical directives 
B) holographic will 
C) formal will 
D) letter of last instruction 
E) living will 
A) medical directives 
B) holographic will 
C) formal will 
D) letter of last instruction 
E) living will

Question 13

An estate tax is a federal tax levied on the right of a deceased person to transmit his or her property and life insurance at death.

Accepted Answer

A) True 
 B)False

Question 14

A prenuptial agreement is a documentary agreement between spouses after marriage.

Accepted Answer

A) True 
 B)False

Question 15

Matthew Miller has created a will and left everything to his wife Kate.What type of will has he 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 16

Estate planning is useful only to rich and elderly people.

Accepted Answer

A) True 
 B)False

Question 17

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 18

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.What are these things to Gerald?

Accepted Answer

A) estate 
B) will 
C) trust 
D) probate 
E) liabilities 
A) estate 
B) will 
C) trust 
D) probate 
E) liabilities

Question 19

In a revocable trust,you forfeit the right to end the trust or change its terms during your lifetime.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n):

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

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

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

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

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

A person who will follow your carry out the instructions specified in your will is called a(n):

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

A large percentage of people do little or nothing to provide for those who will survive them.

A will is:

As of 2010,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?

Which one of the following provides for the disposition of your assets and is usually prepared with an attorney's assistance?

An estate tax is a federal tax levied on the right of a deceased person to transmit his or her property and life insurance at death.

A prenuptial agreement is a documentary agreement between spouses after marriage.

Matthew Miller has created a will and left everything to his wife Kate.What type of will has he created?

Estate planning is useful only to rich and elderly people.

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

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.What are these things to Gerald?

In a revocable trust,you forfeit the right to end the trust or change its terms during your lifetime.

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

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 person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n):

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

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

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

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

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

A person who will follow your carry out the instructions specified in your will is called a(n):

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

A large percentage of people do little or nothing to provide for those who will survive them.

A will is:

As of 2010,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?

Which one of the following provides for the disposition of your assets and is usually prepared with an attorney's assistance?

An estate tax is a federal tax levied on the right of a deceased person to transmit his or her property and life insurance at death.

A prenuptial agreement is a documentary agreement between spouses after marriage.

Matthew Miller has created a will and left everything to his wife Kate.What type of will has he created?

Estate planning is useful only to rich and elderly people.

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

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.What are these things to Gerald?

In a revocable trust,you forfeit the right to end the trust or change its terms during your lifetime.

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

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