Question 1

Estate planning is closely related to

Accepted Answer

A) retirement and investment planning. 
B) tax and retirement planning. 
C) tax and investment planning. 
D) retirement and insurance planning. 
E) insurance and investment planning. 
A) retirement and investment planning. 
B) tax and retirement planning. 
C) tax and investment planning. 
D) retirement and insurance planning. 
E) insurance and investment planning.

Question 2

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

Accepted Answer

A) Community property 
B) Joint tenancy 
C) Tenants by the entirety 
D) Tenancy in common 
E) Both a and d 
A) Community property 
B) Joint tenancy 
C) Tenants by the entirety 
D) Tenancy in common 
E) Both a and d

Question 3

A letter of last instructions is a legal document.

Accepted Answer

A) True 
 B)False

Question 4

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.
-An appropriate trust to set up with a disabled child being the beneficiary would be the [special needs | minor's section 2503(c)] trust.

Accepted Answer

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

Question 5

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 these. 
E) none of these. 
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 these. 
E) none of these.

Question 6

Only the wealthy need an attorney to prepare their wills.

Accepted Answer

A) True 
 B)False

Question 7

The first step in the estate planning process is to

Accepted Answer

A) estimate transfer costs. 
B) list all assets and determine the ownership and value of your estate. 
C) gather comprehensive and accurate data. 
D) assess your family situation and set estate planning goals. 
E) designate beneficiaries of your estate's assets. 
A) estimate transfer costs. 
B) list all assets and determine the ownership and value of your estate. 
C) gather comprehensive and accurate data. 
D) assess your family situation and set estate planning goals. 
E) designate beneficiaries of your estate's assets.

Question 8

Mental capacity requires an individual to be at least 21.

Accepted Answer

A) True 
 B)False

Question 9

When writing a will,you should seek the professional services of

Accepted Answer

A) tax accountants. 
B) attorneys. 
C) executors. 
D) intestate administrators. 
E) trustees. 
A) tax accountants. 
B) attorneys. 
C) executors. 
D) intestate administrators. 
E) trustees.

Question 10

In most cases,charitable contributions

Accepted Answer

A) should be made after death. 
B) should not be made. 
C) should be made during life. 
D) produce no income tax benefit. 
E) are subject to gift taxes. 
A) should be made after death. 
B) should not be made. 
C) should be made during life. 
D) produce no income tax benefit. 
E) are subject to gift taxes.

Question 11

The estate exclusion amount increased to $5,340,000 in 2015.

Accepted Answer

A) True 
 B)False

Question 12

The taxable estate is the fair market value of all property in which the decedent had an interest and that is required to be included in the estate.

Accepted Answer

A) True 
 B)False

Question 13

If there is no estate plan in place,state and federal laws control the disposition of assets.

Accepted Answer

A) True 
 B)False

Question 14

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.
-The [adjusted gross estate | taxable estate] is calculated by subtracting funeral and administrative expenses from the gross estate.

Accepted Answer

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

Question 15

Successful estate planning requires knowledge of wills,trusts,and taxes.

Accepted Answer

A) True 
 B)False

Question 16

A will should be destroyed after a codicil is written.

Accepted Answer

A) True 
 B)False

Question 17

The prolonged and expensive disability of a family wage earner is often called a working death.

Accepted Answer

A) True 
 B)False

Question 18

Estate planning is one of the key elements of personal financial planning.

Accepted Answer

A) True 
 B)False

Question 19

You should review your estate plan every _____ years.

Accepted Answer

A) 1 to 2 
B) 2 to 3 
C) 3 to 5 
D) 5 to 9 
E) 10 
A) 1 to 2 
B) 2 to 3 
C) 3 to 5 
D) 5 to 9 
E) 10

Question 20

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.
-If you want to create a living trust that provides tax advantages,you will need to establish [a revocable | an irrevocable] trust.

Accepted Answer

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

Estate planning is closely related to

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

A letter of last instructions is a legal document.

A will is used to

Only the wealthy need an attorney to prepare their wills.

The first step in the estate planning process is to

Mental capacity requires an individual to be at least 21.

When writing a will,you should seek the professional services of

In most cases,charitable contributions

The estate exclusion amount increased to $5,340,000 in 2015.

The taxable estate is the fair market value of all property in which the decedent had an interest and that is required to be included in the estate.

If there is no estate plan in place,state and federal laws control the disposition of assets.

Successful estate planning requires knowledge of wills,trusts,and taxes.

A will should be destroyed after a codicil is written.

The prolonged and expensive disability of a family wage earner is often called a working death.

Estate planning is one of the key elements of personal financial planning.

You should review your estate plan every _____ years.

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

Estate planning is closely related to

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

A letter of last instructions is a legal document.

A will is used to

Only the wealthy need an attorney to prepare their wills.

The first step in the estate planning process is to

Mental capacity requires an individual to be at least 21.

When writing a will,you should seek the professional services of

In most cases,charitable contributions

The estate exclusion amount increased to $5,340,000 in 2015.

The taxable estate is the fair market value of all property in which the decedent had an interest and that is required to be included in the estate.

If there is no estate plan in place,state and federal laws control the disposition of assets.

Successful estate planning requires knowledge of wills,trusts,and taxes.

A will should be destroyed after a codicil is written.

The prolonged and expensive disability of a family wage earner is often called a working death.

Estate planning is one of the key elements of personal financial planning.

You should review your estate plan every _____ years.

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