Question 1

Any future appreciation of gifted property is excluded from the estate.

Accepted Answer

A) True 
 B)False

Question 2

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 3

Which of the following is a reason for making lifetime gifts?

Accepted Answer

A) Appreciation in value 
B) Credit limit 
C) Impact of marital deduction 
D) Gift tax annual exclusion 
E) All of these 
A) Appreciation in value 
B) Credit limit 
C) Impact of marital deduction 
D) Gift tax annual exclusion 
E) All of these

Question 4

Disability is a common reason for estates to break up.

Accepted Answer

A) True 
 B)False

Question 5

A testator can revoke a will in which of the following ways?

Accepted Answer

A) Making a later will that revokes prior wills 
B) Making a codicil that revokes prior wills 
C) Burning the will 
D) Making a later will that is inconsistent with a prior will 
E) All of these 
A) Making a later will that revokes prior wills 
B) Making a codicil that revokes prior wills 
C) Burning the will 
D) Making a later will that is inconsistent with a prior will 
E) All of these

Question 6

More damage is done to estates by doing nothing than by doing the wrong thing.

Accepted Answer

A) True 
 B)False

Question 7

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-A person can give [a limited | any] number of tax free gifts per year.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 8

Inflation is a common reason for estates to break up.

Accepted Answer

A) True 
 B)False

Question 9

The person or guardian you choose for your children should

Accepted Answer

A) be willing to relocate to your home state. 
B) have at least $100,000 in assets. 
C) be willing to take care of your children according to your wishes. 
D) be a partial beneficiary of your estate. 
E) none of these. 
A) be willing to relocate to your home state. 
B) have at least $100,000 in assets. 
C) be willing to take care of your children according to your wishes. 
D) be a partial beneficiary of your estate. 
E) none of these.

Question 10

The person who writes a will is called the

Accepted Answer

A) testator. 
B) attorney. 
C) probater. 
D) estate planner. 
E) grantor. 
A) testator. 
B) attorney. 
C) probater. 
D) estate planner. 
E) grantor.

Question 11

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-[Most | Very few] people need to do estate planning.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 12

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Your will [may | may not] contain a testamentary trust.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 13

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-You are married with a 3-year-old child.If you die without leaving a will,in most states [your spouse will inherit your entire estate | your spouse and child will share your estate].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 14

In most states,you must be at least ____ to make a will.

Accepted Answer

A) 15 
B) 16 
C) 18 
D) 21 
E) 25 
A) 15 
B) 16 
C) 18 
D) 21 
E) 25

Question 15

If you die without a will,you are said to have died

Accepted Answer

A) improperly. 
B) without heirs. 
C) without estate. 
D) intestate. 
E) in probate. 
A) improperly. 
B) without heirs. 
C) without estate. 
D) intestate. 
E) in probate.

Question 16

A letter of last instruction might provide directions for

Accepted Answer

A) location of the will. 
B) legal and accounting services. 
C) explanation of the actions taken in the will. 
D) suggestions on how to divide personal property. 
E) all of these. 
A) location of the will. 
B) legal and accounting services. 
C) explanation of the actions taken in the will. 
D) suggestions on how to divide personal property. 
E) all of these.

Question 17

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 18

Typically,a will must be signed by two witnesses to be valid.

Accepted Answer

A) True 
 B)False

Question 19

In the absence of a valid will,the heir most generally favored would be the

Accepted Answer

A) spouse. 
B) children. 
C) parents. 
D) grandchildren. 
E) All of these are treated as equals. 
A) spouse. 
B) children. 
C) parents. 
D) grandchildren. 
E) All of these are treated as equals.

Question 20

The main objective of estate planning is to save attorney's fees.

Accepted Answer

A) True 
 B)False

Any future appreciation of gifted property is excluded from the estate.

Which of the following is not a type of trust?

Which of the following is a reason for making lifetime gifts?

Disability is a common reason for estates to break up.

A testator can revoke a will in which of the following ways?

More damage is done to estates by doing nothing than by doing the wrong thing.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -A person can give [a limited | any] number of tax free gifts per year.

Inflation is a common reason for estates to break up.

The person or guardian you choose for your children should

The person who writes a will is called the

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -[Most | Very few] people need to do estate planning.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Your will [may | may not] contain a testamentary trust.

In most states,you must be at least ____ to make a will.

If you die without a will,you are said to have died

A letter of last instruction might provide directions for

Writing a valid will does not require

Typically,a will must be signed by two witnesses to be valid.

In the absence of a valid will,the heir most generally favored would be the

The main objective of estate planning is to save attorney's fees.

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

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Exam 15: Preserving Your Estate

Any future appreciation of gifted property is excluded from the estate.

Which of the following is not a type of trust?

Which of the following is a reason for making lifetime gifts?

Disability is a common reason for estates to break up.

A testator can revoke a will in which of the following ways?

More damage is done to estates by doing nothing than by doing the wrong thing.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -A person can give [a limited | any] number of tax free gifts per year.

Inflation is a common reason for estates to break up.

The person or guardian you choose for your children should

The person who writes a will is called the

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -[Most | Very few] people need to do estate planning.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Your will [may | may not] contain a testamentary trust.

In most states,you must be at least ____ to make a will.

If you die without a will,you are said to have died

A letter of last instruction might provide directions for

Writing a valid will does not require

Typically,a will must be signed by two witnesses to be valid.

In the absence of a valid will,the heir most generally favored would be the

The main objective of estate planning is to save attorney's fees.

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