Exam 20: Estate Planning

A married couple with four children may give tax-free gifts up to ________ each year to their children.

Which of the following statements about the letter of last instruction is false?

The amount of an estate that is exempt from federal estate taxes in 2015 is

If you wish to be cremated when you die,this request should be included in a

The giving of annual individual gifts up to the allowable amount is especially important for

A standard family trust is all of the following except

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

Which of the following is not required to be an executor of an estate?

A legal document granting a person the power to make specific health care decisions for you is called a

A legal document specifying distribution of your assets upon death is a

All of the following are important documents for estate planning except

What three types of planning help you protect your wealth?

Once you have a positive net worth to be distributed upon your death,you should consider creating a will.

If you are married,have a small estate,and have no children,a(n)________ will probably serve your needs.

A trust that is created by the terms of the will is called a(n)________ trust.

A(n)________ trust is one that cannot be changed.

Since the settling of wills is straightforward,almost anyone can do a good job as an executor of an estate.

For the purpose of avoiding estate taxes,estate planning involves all of the following except

The recipient of a gift within the allowable amount

It is very important to engage in estate planning once the value of your estate nears