Question 1

The testator of a will always receives property from the will.

Accepted Answer

A) True 
 B)False

Question 2

When selecting a trustee,you should consider her

Accepted Answer

A)  investment and trust management skills. 
B)  business knowledge and judgment. 
C)  relationship of the person to the family. 
D)  a and b 
E)  b and c 
A)  investment and trust management skills. 
B)  business knowledge and judgment. 
C)  relationship of the person to the family. 
D)  a and b 
E)  b and c

Question 3

Your gross estate is all property subject to federal tax at your death.

Accepted Answer

A) True 
 B)False

Question 4

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-If you die with no valid will in existence,you have died [intestate | testate].

Accepted Answer

A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement. 
A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement.

Question 5

When a father deposits cash in a bank account held jointly with his daughter,when is a give made?

Accepted Answer

A)  at time of deposit 
B)  never 
C)  once interest begins to be earned 
D)  when the daughter makes a withdrawal 
E)  when the father makes a withdrawal 
A)  at time of deposit 
B)  never 
C)  once interest begins to be earned 
D)  when the daughter makes a withdrawal 
E)  when the father makes a withdrawal

Question 6

A letter of last instruction might provide directions for

Accepted Answer

A)  location of the will 
B)  legal and accounting services 
C)  explanation of the actions taken in the will 
D)  location of jewelry and family affects 
E)  all of the above 
A)  location of the will 
B)  legal and accounting services 
C)  explanation of the actions taken in the will 
D)  location of jewelry and family affects 
E)  all of the above

Question 7

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-Walter left nothing to his wife in his will.His wife [is out of luck | can get the amount that the state intestacy laws would have given her].

Accepted Answer

A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement. 
A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement.

Question 8

Which of the following are requirements of a valid will

Accepted Answer

A)  mental capacity 
B)  freedom of choice 
C)  proper execution 
D)  all of the above 
E)  none of the above 
A)  mental capacity 
B)  freedom of choice 
C)  proper execution 
D)  all of the above 
E)  none of the above

Question 9

The taxable estate is less than the adjusted gross estate.

Accepted Answer

A) True 
 B)False

Question 10

A trust is a means of transferring property.

Accepted Answer

A) True 
 B)False

Question 11

Typically,a will must be signed by two witnesses to be valid.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

Spouses who are U.S.citizens are treated the same as non-citizen spouses for estate tax purposes.

Accepted Answer

A) True 
 B)False

Question 14

Only the wealthy need an attorney to prepare their wills.

Accepted Answer

A) True 
 B)False

Question 15

An estate plan is good only as long as it fits the needs,desires,and circumstances of the parties involved.

Accepted Answer

A) True 
 B)False

Question 16

If you die without a will you are said to have died

Accepted Answer

A)  improperly. 
B)  without heirs. 
C)  without estate. 
D)  intestate. 
E)  in probate. 
A)  improperly. 
B)  without heirs. 
C)  without estate. 
D)  intestate. 
E)  in probate.

Question 17

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-Your [gross | probate] estate consists of your real and personal property that will be transferred at death.

Accepted Answer

A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement. 
A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement.

Question 18

The gross estate includes all the property subject to federal estate tax at a person's death.

Accepted Answer

A) True 
 B)False

Question 19

The gift tax law allows a person to give gifts up to $10,000 tax free.

Accepted Answer

A) True 
 B)False

Question 20

Disability is a common reason for estates to break up.

Accepted Answer

A) True 
 B)False

The testator of a will always receives property from the will.

When selecting a trustee,you should consider her

Your gross estate is all property subject to federal tax at your death.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -If you die with no valid will in existence,you have died [intestate | testate].

When a father deposits cash in a bank account held jointly with his daughter,when is a give made?

A letter of last instruction might provide directions for

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Walter left nothing to his wife in his will.His wife [is out of luck | can get the amount that the state intestacy laws would have given her].

Which of the following are requirements of a valid will

The taxable estate is less than the adjusted gross estate.

A trust is a means of transferring property.

Typically,a will must be signed by two witnesses to be valid.

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

Spouses who are U.S.citizens are treated the same as non-citizen spouses for estate tax purposes.

Only the wealthy need an attorney to prepare their wills.

An estate plan is good only as long as it fits the needs,desires,and circumstances of the parties involved.

If you die without a will you are said to have died

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Your [gross | probate] estate consists of your real and personal property that will be transferred at death.

The gross estate includes all the property subject to federal estate tax at a person's death.

The gift tax law allows a person to give gifts up to $10,000 tax free.

Disability is a common reason for estates to break up.

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

Planning for Retirement

Filters

Exam 15: Preserving Your Estate

The testator of a will always receives property from the will.

When selecting a trustee,you should consider her

Your gross estate is all property subject to federal tax at your death.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -If you die with no valid will in existence,you have died [intestate | testate].

When a father deposits cash in a bank account held jointly with his daughter,when is a give made?

A letter of last instruction might provide directions for

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Walter left nothing to his wife in his will.His wife [is out of luck | can get the amount that the state intestacy laws would have given her].

Which of the following are requirements of a valid will

The taxable estate is less than the adjusted gross estate.

A trust is a means of transferring property.

Typically,a will must be signed by two witnesses to be valid.

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

Spouses who are U.S.citizens are treated the same as non-citizen spouses for estate tax purposes.

Only the wealthy need an attorney to prepare their wills.

An estate plan is good only as long as it fits the needs,desires,and circumstances of the parties involved.

If you die without a will you are said to have died

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Your [gross | probate] estate consists of your real and personal property that will be transferred at death.

The gross estate includes all the property subject to federal estate tax at a person's death.

The gift tax law allows a person to give gifts up to $10,000 tax free.

Disability is a common reason for estates to break up.

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

Planning for Retirement

Filters