Exam 15: Preserving Your Estate

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Mike and Tristan,father and son,own property as tenants in common.Tristan [can | cannot] write a valid will leaving his part of this property to Ella Fitzgerald.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -An inheritance tax is paid by the [estate | recipient] of the inheritance.

The intestate process is federally mandated,and is similar from state to state.

The top federal gift and estate tax rate for 2013 is expected to be 45 percent.

A power of attorney allows an individual to write a will.

Proof of mental capacity lies on the person contesting a will,not the individual writing a will.

Your will would appoint ____ to carry out the terms of the will.

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for no spouse and no offspring but parents?

Which of the following are reasons for making lifetime gifts

A letter of last instruction is a legal document.

If you die intestate,federal law dictates the disposition of your estate.

The gift tax exclusion applies

The person or guardian you chose for your children should

A will is required by state law.

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for no spouse,no offspring,no parents,but offspring of parents?

The adoption of a child will cause estate transfer costs to change.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -You would create a [living | testamentary] trust to be used during your lifetime.