Exam 20: Estate Planning

A power of attorney can give someone you designate the power to make all of the following decisions except

All of the following are correct regarding assets included for estate tax purposes,except

In order to be valid,a will must be dated,signed,and witnessed.

An estate represents a deceased person's assets after all debts are paid.

Once your net worth exceeds the tax-free limit of estate taxes,you should carefully plan your estate to minimize any potential tax liability.

With samples of valid wills being available on Web sites and in book stores,it is not recommended that a person incur the additional expense of hiring a lawyer to write a will.

Use the following two columns of items to answer the matching questions below: -simple will

For a will to be valid,the maker must be all of the following except

If a person dies without a valid will,the court will appoint an administrator,which results in additional costs being imposed on the estate.

Which of the following is not a duty of the executor of an estate?

The assets less liabilities of a deceased individual are called a(n)________.

A ________ trust is created by a will.

Probate is the legal process that ensures assets are distributed and guardians of children are appointed as the person who died wished it.

Estate taxes may be levied by

Two key goals of estate planning are to ensure that your estate passes to the proper beneficiaries and to ensure that your estate may be insulated to the extent possible from taxes.

A will could be written to distribute assets in terms of the following except

A simple will may not be appropriate if

The person who establishes and funds a trust is known as the

Minor changes to a will can be made with a simple document called a codicil.

You are retired and have built a significant estate valued well over the $5.43 million federal tax free limit.You have no significant financial responsibilities and live very comfortably on the cash flow from your portfolio.At this point in your financial planning,which of the following have become less important and should be considered for cancellation or reduction?