Question 1

Tenancy of the entirety consist of

Accepted Answer

A)  Husband and wife only 
B)  Immediate family 
C)  Immediate and extended family 
D)  all of the above 
E)  none of the above 
A)  Husband and wife only 
B)  Immediate family 
C)  Immediate and extended family 
D)  all of the above 
E)  none of the above

Question 2

Minors can handle large sums of money and property.

Accepted Answer

A) True 
 B)False

Question 3

An estate plan would be least likely to need revision when

Accepted Answer

A)  a child was born. 
B)  people moved from one state to another. 
C)  a son graduated from college. 
D)  a spouse became disabled. 
E)  the tax laws changed. 
A)  a child was born. 
B)  people moved from one state to another. 
C)  a son graduated from college. 
D)  a spouse became disabled. 
E)  the tax laws changed.

Question 4

Mental capacity requires an individual to be at least 21.

Accepted Answer

A) True 
 B)False

Question 5

With the passage of the 2001 tax laws,there is now an advantage to incurring estate tax rather than gift tax liabilities.

Accepted Answer

A) True 
 B)False

Question 6

The best choice for a trustee is a family member.

Accepted Answer

A) True 
 B)False

Question 7

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-Property held jointly with the right of survivorship [would possibly | would not] be part of your gross estate subject to federal estate taxes.

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

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-Assets held in a trust created during a person's lifetime [will | will not] go through the probate process after the death of the creator.

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 9

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-Most estates are dissipated because the deceased had [an improper estate plan | no estate plan].

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 10

The probate estate consists of

Accepted Answer

A)  real property 
B)  personal property 
C)  regulated by interstate laws if you have no valid will 
D)  all of the above 
E)  none of the above 
A)  real property 
B)  personal property 
C)  regulated by interstate laws if you have no valid will 
D)  all of the above 
E)  none of the above

Question 11

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-Theresa and Ella,mother and daughter,own property as joint tenants with the right of survivorship.Ella [can | cannot] write a valid will leaving her part of this property to Bob Shockey.

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 12

The goal of estate planning is to:

Accepted Answer

A)  accumulate 
B)  preserve 
C)  distribute 
D)  all of the above 
E)  none of the above 
A)  accumulate 
B)  preserve 
C)  distribute 
D)  all of the above 
E)  none of the above

Question 13

Estate planning is closely related to

Accepted Answer

A)  retirement and investment planning. 
B)  tax and retirement planning. 
C)  tax and investment planning. 
D)  retirement and insurance planning. 
E)  insurance and investment planning. 
A)  retirement and investment planning. 
B)  tax and retirement planning. 
C)  tax and investment planning. 
D)  retirement and insurance planning. 
E)  insurance and investment planning.

Question 14

Your gross estate is composed only of nonprobate property.

Accepted Answer

A) True 
 B)False

Question 15

A testamentary trust is established in a will.

Accepted Answer

A) True 
 B)False

Question 16

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-[Most | Very few] people need to do estate planning.

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 17

A will can be destroyed after a codicil is written.

Accepted Answer

A) True 
 B)False

Question 18

A codicil is a simple and convenient legal means of modifying a will.

Accepted Answer

A) True 
 B)False

Question 19

A valid will cannot be contested.

Accepted Answer

A) True 
 B)False

Question 20

Gift giving can reduce estate tax liability.

Accepted Answer

A) True 
 B)False

Tenancy of the entirety consist of

Minors can handle large sums of money and property.

An estate plan would be least likely to need revision when

Mental capacity requires an individual to be at least 21.

With the passage of the 2001 tax laws,there is now an advantage to incurring estate tax rather than gift tax liabilities.

The best choice for a trustee is a family member.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Property held jointly with the right of survivorship [would possibly | would not] be part of your gross estate subject to federal estate taxes.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Assets held in a trust created during a person's lifetime [will | will not] go through the probate process after the death of the creator.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Most estates are dissipated because the deceased had [an improper estate plan | no estate plan].

The probate estate consists of

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Theresa and Ella,mother and daughter,own property as joint tenants with the right of survivorship.Ella [can | cannot] write a valid will leaving her part of this property to Bob Shockey.

The goal of estate planning is to:

Estate planning is closely related to

Your gross estate is composed only of nonprobate property.

A testamentary trust is established in a will.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -[Most | Very few] people need to do estate planning.

A will can be destroyed after a codicil is written.

A codicil is a simple and convenient legal means of modifying a will.

A valid will cannot be contested.

Gift giving can reduce estate tax liability.

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

Tenancy of the entirety consist of

Minors can handle large sums of money and property.

An estate plan would be least likely to need revision when

Mental capacity requires an individual to be at least 21.

With the passage of the 2001 tax laws,there is now an advantage to incurring estate tax rather than gift tax liabilities.

The best choice for a trustee is a family member.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Property held jointly with the right of survivorship [would possibly | would not] be part of your gross estate subject to federal estate taxes.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Assets held in a trust created during a person's lifetime [will | will not] go through the probate process after the death of the creator.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Most estates are dissipated because the deceased had [an improper estate plan | no estate plan].

The probate estate consists of

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Theresa and Ella,mother and daughter,own property as joint tenants with the right of survivorship.Ella [can | cannot] write a valid will leaving her part of this property to Bob Shockey.

The goal of estate planning is to:

Estate planning is closely related to

Your gross estate is composed only of nonprobate property.

A testamentary trust is established in a will.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -[Most | Very few] people need to do estate planning.

A will can be destroyed after a codicil is written.

A codicil is a simple and convenient legal means of modifying a will.

A valid will cannot be contested.

Gift giving can reduce estate tax liability.

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