Question 1

Requirements for a valid will do not include:

Accepted Answer

A)  the testator must be of sound mind. 
B)  the testator must not be unduly influenced. 
C)  the will must be properly executed. 
D)  there must be no fraud in the execution of the will. 
E)  the will must be drawn up by an attorney. 
A)  the testator must be of sound mind. 
B)  the testator must not be unduly influenced. 
C)  the will must be properly executed. 
D)  there must be no fraud in the execution of the will. 
E)  the will must be drawn up by an attorney.

Question 2

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 3

Life insurance could alleviate estate problems caused by:

Accepted Answer

A)  inflation. 
B)  improper management. 
C)  disabilities. 
D)  lack of liquidity. 
E)  incorrect vehicle of transfer. 
A)  inflation. 
B)  improper management. 
C)  disabilities. 
D)  lack of liquidity. 
E)  incorrect vehicle of transfer.

Question 4

Which of the following situations calls especially for an estate plan based on the people planning perspective?

Accepted Answer

A)  Working couple with handicapped child 
B)  Married man with no dependents 
C)  Single person,no dependents,some property 
D)  Single person,no property 
E)  Mother and daughter,independent,ages 65 and 43,share housing 
A)  Working couple with handicapped child 
B)  Married man with no dependents 
C)  Single person,no dependents,some property 
D)  Single person,no property 
E)  Mother and daughter,independent,ages 65 and 43,share housing

Question 5

A "trustee" is also called the:

Accepted Answer

A)  Settlor. 
B)  Trustor. 
C)  Creator. 
D)  all of the above 
E)  none of the above 
A)  Settlor. 
B)  Trustor. 
C)  Creator. 
D)  all of the above 
E)  none of the above

Question 6

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.
-Legal title to the property in a trust is held by the [grantor | trustee].

Accepted Answer

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

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.
-The person setting up a trust is called the [grantor | trustee].

Accepted Answer

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

Question 8

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.
-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.

Accepted Answer

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

Question 9

Updating an estate plan is a critical part of the estate planning process.

Accepted Answer

A) True 
 B)False

Question 10

A potential estate planning problem is improper disposition of assets.

Accepted Answer

A) True 
 B)False

Question 11

A joint tenancy with rights of survivorship may consist of:

Accepted Answer

A)  a parent and child. 
B)  a husband and wife. 
C)  a brother and sister. 
D)  none of these 
E)  any of these 
A)  a parent and child. 
B)  a husband and wife. 
C)  a brother and sister. 
D)  none of these 
E)  any of these

Question 12

Trust services are used exclusively by those who cannot handle large sums of money,such as minors.

Accepted Answer

A) True 
 B)False

Question 13

Minors can handle large sums of money and property.

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 unlimited marital deduction is available only if the recipient spouse is a [U.S.citizen and files a gift tax return | legal resident and does not have to file a gift tax return].

Accepted Answer

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

Question 15

A first will is revoked if a second legitimate will is created.

Accepted Answer

A) True 
 B)False

Question 16

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 would create a [living | testamentary] trust to be used during your lifetime.

Accepted Answer

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

Question 17

Which of the following qualities are essential in a trustee?

Accepted Answer

A)  Impartial family member 
B)  Possess sound business knowledge and judgment 
C)  Partial beneficiary 
D)  All of the above 
E)  None of the above 
A)  Impartial family member 
B)  Possess sound business knowledge and judgment 
C)  Partial beneficiary 
D)  All of the above 
E)  None of the above

Question 18

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 unified tax credit can be applied against the [total income of the beneficiary of a will | tentative tax on the estate tax base].

Accepted Answer

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

Question 19

Maxine's estate is worth $600,000.It will not be subject to federal estate taxes.

Accepted Answer

A) True 
 B)False

Question 20

Knowing where parents keep important documents is a step for estate planning process.

Accepted Answer

A) True 
 B)False

Requirements for a valid will do not include:

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.

Life insurance could alleviate estate problems caused by:

Which of the following situations calls especially for an estate plan based on the people planning perspective?

A "trustee" is also 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. -Legal title to the property in a trust is held by the [grantor | trustee].

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 person setting up a trust is called the [grantor | trustee].

Updating an estate plan is a critical part of the estate planning process.

A potential estate planning problem is improper disposition of assets.

A joint tenancy with rights of survivorship may consist of:

Trust services are used exclusively by those who cannot handle large sums of money,such as minors.

Minors can handle large sums of money and property.

A first will is revoked if a second legitimate will is created.

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 would create a [living | testamentary] trust to be used during your lifetime.

Which of the following qualities are essential in a trustee?

Maxine's estate is worth $600,000.It will not be subject to federal estate taxes.

Knowing where parents keep important documents is a step for estate planning process.

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

Requirements for a valid will do not include:

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.

Life insurance could alleviate estate problems caused by:

Which of the following situations calls especially for an estate plan based on the people planning perspective?

A "trustee" is also 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. -Legal title to the property in a trust is held by the [grantor | trustee].

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 person setting up a trust is called the [grantor | trustee].

Updating an estate plan is a critical part of the estate planning process.

A potential estate planning problem is improper disposition of assets.

A joint tenancy with rights of survivorship may consist of:

Trust services are used exclusively by those who cannot handle large sums of money,such as minors.

Minors can handle large sums of money and property.

A first will is revoked if a second legitimate will is created.

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 would create a [living | testamentary] trust to be used during your lifetime.

Which of the following qualities are essential in a trustee?

Maxine's estate is worth $600,000.It will not be subject to federal estate taxes.

Knowing where parents keep important documents is a step for estate planning process.

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