Question 1

Those who could use trust services include all the following except

Accepted Answer

A)  minors 
B)  busy executives 
C)  the mentally incompetent 
D)  spendthrifts 
E)  all the above need trust services 
A)  minors 
B)  busy executives 
C)  the mentally incompetent 
D)  spendthrifts 
E)  all the above need trust services

Question 2

Writing a valid will does not require

Accepted Answer

A)  full knowledge of the act. 
B)  clear mental capacity. 
C)  no undue influence on the testator. 
D)  mentally competent heirs. 
E)  proper execution. 
A)  full knowledge of the act. 
B)  clear mental capacity. 
C)  no undue influence on the testator. 
D)  mentally competent heirs. 
E)  proper execution.

Question 3

Which of the following forms of ownership do not have rights of survivorship?

Accepted Answer

A)  community property 
B)  joint tenancy 
C)  tenants by the entirety 
D)  tenancy in common 
E)  a and d 
A)  community property 
B)  joint tenancy 
C)  tenants by the entirety 
D)  tenancy in common 
E)  a and d

Question 4

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-A valid will [must be written | can be oral or written].

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

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-Most commentators believe the annual exclusion amount from estate tax will be set at [$3,500,000 | $1,000,000] for 2013.

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 6

____ would be a first-level death-related cost.

Accepted Answer

A)  Funeral expenses 
B)  Federal estate taxes 
C)  Probate expenses 
D)  Inheritance taxes 
E)  Administrative costs 
A)  Funeral expenses 
B)  Federal estate taxes 
C)  Probate expenses 
D)  Inheritance taxes 
E)  Administrative costs

Question 7

Your gross estate is reduced by the ____ to determine the adjusted gross estate.

Accepted Answer

A)  state death tax credit 
B)  orphan's deduction 
C)  marital deduction 
D)  funeral and administrative expenses 
E)  previous year's income tax 
A)  state death tax credit 
B)  orphan's deduction 
C)  marital deduction 
D)  funeral and administrative expenses 
E)  previous year's income tax

Question 8

A will is used to

Accepted Answer

A)  name a personal representative to guide the distribution of the estate 
B)  name a guardian for persons and property 
C)  specify the distribution of tax burdens to beneficiaries 
D)  all of the above 
E)  none of the above 
A)  name a personal representative to guide the distribution of the estate 
B)  name a guardian for persons and property 
C)  specify the distribution of tax burdens to beneficiaries 
D)  all of the above 
E)  none of the above

Question 9

Gathering data on all aspects of the family is an important estate planning function.

Accepted Answer

A) True 
 B)False

Question 10

Estate planning us designed to:

Accepted Answer

A)  administer and distribute assets 
B)  minimize taxes 
C)  increase size of estate 
D)  all of the above 
E)  none of the above 
A)  administer and distribute assets 
B)  minimize taxes 
C)  increase size of estate 
D)  all of the above 
E)  none of the above

Question 11

An executor plays an important function during the probate process.

Accepted Answer

A) True 
 B)False

Question 12

Most commentators believe the annual exclusion amount from estate tax will be set at $3,500,000 for 2013.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is not a type of trust

Accepted Answer

A)  credit shelter trust 
B)  qualified terminable interest property trust 
C)  crummey trust 
D)  charitable remainder trust 
E)  credible property sharing trust 
A)  credit shelter trust 
B)  qualified terminable interest property trust 
C)  crummey trust 
D)  charitable remainder trust 
E)  credible property sharing trust

Question 14

A durable power of attorney for health care allows loved ones to terminate life support.

Accepted Answer

A) True 
 B)False

Question 15

Property held in different states does not complicate the estate planning process.

Accepted Answer

A) True 
 B)False

Question 16

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-When Jessica gets a divorce,her will leaving everything to her former husband usually will be [nullified | still valid] in most states.

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

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-The top federal gift and estate tax rate for 2013 is expected to be [35 | 45] percent.

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

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-If a gift tax has to be paid,the [giver | recipient] of the gift will pay it.

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 19

Knowing where parents keep important documents is essential to the estate planning process.

Accepted Answer

A) True 
 B)False

Question 20

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-Legal title to the property in a trust is held by the [grantor | trustee].

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.

Those who could use trust services include all the following except

Writing a valid will does not require

Which of the following forms of ownership do not have rights of survivorship?

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -A valid will [must be written | can be oral or written].

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Most commentators believe the annual exclusion amount from estate tax will be set at [$3,500,000 | $1,000,000] for 2013.

____ would be a first-level death-related cost.

Your gross estate is reduced by the ____ to determine the adjusted gross estate.

A will is used to

Gathering data on all aspects of the family is an important estate planning function.

Estate planning us designed to:

An executor plays an important function during the probate process.

Most commentators believe the annual exclusion amount from estate tax will be set at $3,500,000 for 2013.

Which of the following is not a type of trust

A durable power of attorney for health care allows loved ones to terminate life support.

Property held in different states does not complicate the estate planning process.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -When Jessica gets a divorce,her will leaving everything to her former husband usually will be [nullified | still valid] in most states.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The top federal gift and estate tax rate for 2013 is expected to be [35 | 45] percent.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -If a gift tax has to be paid,the [giver | recipient] of the gift will pay it.

Knowing where parents keep important documents is essential to the estate planning process.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Legal title to the property in a trust is held by the [grantor | trustee].

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

Those who could use trust services include all the following except

Writing a valid will does not require

Which of the following forms of ownership do not have rights of survivorship?

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -A valid will [must be written | can be oral or written].

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Most commentators believe the annual exclusion amount from estate tax will be set at [$3,500,000 | $1,000,000] for 2013.

____ would be a first-level death-related cost.

Your gross estate is reduced by the ____ to determine the adjusted gross estate.

A will is used to

Gathering data on all aspects of the family is an important estate planning function.

Estate planning us designed to:

An executor plays an important function during the probate process.

Most commentators believe the annual exclusion amount from estate tax will be set at $3,500,000 for 2013.

Which of the following is not a type of trust

A durable power of attorney for health care allows loved ones to terminate life support.

Property held in different states does not complicate the estate planning process.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -When Jessica gets a divorce,her will leaving everything to her former husband usually will be [nullified | still valid] in most states.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The top federal gift and estate tax rate for 2013 is expected to be [35 | 45] percent.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -If a gift tax has to be paid,the [giver | recipient] of the gift will pay it.

Knowing where parents keep important documents is essential to the estate planning process.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Legal title to the property in a trust is held by the [grantor | trustee].

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