Exam 15: Preserving Your Estate

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Funds from the [Minor's Section 2503(c)| Crummy] trust must be distributed by the time the beneficiary turns 21.

(Multiple Choice)

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Question 81

The most favorable tax treatment results when you transfer your estate (after death)to your

(Multiple Choice)

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Question 82

Intestacy results from dying without a valid will.

(True/False)

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Question 83

In the absence of a valid will,the heir most generally favored would be the

(Multiple Choice)

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Question 84

In most states,divorce creates an automatic revocation or modification of a will.

(True/False)

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Question 85

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -A letter of last instruction [is | is not] a legally enforceable document.

(Multiple Choice)

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Question 86

____ would represent a second level death-related cost.

(Multiple Choice)

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Question 87

Inheritance tax is the same as estate tax.

(True/False)

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Question 88

A trust designed to provide liquidity for an estate without increasing the size of the estate is a(n)____.

(Multiple Choice)

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Question 89

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The person setting up a trust is called the [grantor | trustee].

(Multiple Choice)

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Question 90

Why does an estate "Break Up"

(Multiple Choice)

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Question 91

The federal estate tax is similar from state to state.

(True/False)

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Question 92

A will is revoked if a second legitimate will is created.

(True/False)

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Question 93

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The person writing a will is called the [decedent | testator].

(Multiple Choice)

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Question 94

The decedent's personal representative is called a(n)

(Multiple Choice)

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Question 95

Jill and Jack are siblings.Jill wants to gift $15,000 to Jack's daughter.She and Jack can join in that gift to take advantage of gift splitting.

(True/False)

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Question 96

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -You could give an unlimited amount of assets to your [children | spouse] without incurring any gift taxes.

(Multiple Choice)

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Question 97

A form of joint ownership that may exist only between husband and wife is

(Multiple Choice)

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Question 98

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -A person can give [a limited | any] number of tax free gifts per year.

(Multiple Choice)

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Question 99

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -If you have a small estate,you should [contact an attorney | write your will yourself].

(Multiple Choice)

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Question 100

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INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Funds from the [Minor's Section 2503(c)| Crummy] trust must be distributed by the time the beneficiary turns 21.

The most favorable tax treatment results when you transfer your estate (after death)to your

Intestacy results from dying without a valid will.

In the absence of a valid will,the heir most generally favored would be the

In most states,divorce creates an automatic revocation or modification of a will.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -A letter of last instruction [is | is not] a legally enforceable document.

____ would represent a second level death-related cost.

Inheritance tax is the same as estate tax.

A trust designed to provide liquidity for an estate without increasing the size of the estate is a(n)____.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The person setting up a trust is called the [grantor | trustee].

Why does an estate "Break Up"

The federal estate tax is similar from state to state.

A will is revoked if a second legitimate will is created.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The person writing a will is called the [decedent | testator].

The decedent's personal representative is called a(n)

Jill and Jack are siblings.Jill wants to gift $15,000 to Jack's daughter.She and Jack can join in that gift to take advantage of gift splitting.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -You could give an unlimited amount of assets to your [children | spouse] without incurring any gift taxes.

A form of joint ownership that may exist only between husband and wife is

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -A person can give [a limited | any] number of tax free gifts per year.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -If you have a small estate,you should [contact an attorney | write your will yourself].

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

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