Question 1

People planning means providing sustenance and resources for family members.

Accepted Answer

A) True 
 B)False

Question 2

One of the aspects of disposition of property consists of:

Accepted Answer

A)  distribution of residual assets after specific gifts have been made. 
B)  allocating the burden of taxes among the beneficiaries. 
C)  determining which county will have legal jurisdiction. 
D)  naming the executors of the estate. 
E)  none of the above 
A)  distribution of residual assets after specific gifts have been made. 
B)  allocating the burden of taxes among the beneficiaries. 
C)  determining which county will have legal jurisdiction. 
D)  naming the executors of the estate. 
E)  none of the above

Question 3

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.
-For 2014,your net estate value must exceed [$1,650,000 | $5,340,000] before any federal estate taxes will be due.

Accepted Answer

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

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.
-A(n) [simultaneous death clause| appointment clause] names the executors,guardians for minor children,and trustees and their successors.

Accepted Answer

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

Question 5

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)  location of jewelry and family affects. 
E)  all of the above 
A)  location of the will. 
B)  legal and accounting services. 
C)  explanation of the actions taken in the will. 
D)  location of jewelry and family affects. 
E)  all of the above

Question 6

A testamentary trust is established in a will and is funded through a probate process.

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.
-If you die with no valid will in existence,you have died [intestate | testate].

Accepted Answer

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

Question 8

In an irrevocable living trust,the donor relinquishes his title to the property.

Accepted Answer

A) True 
 B)False

Question 9

Dying intestate means dying with a valid will.

Accepted Answer

A) True 
 B)False

Question 10

Disability is a common reason for estates to break up.

Accepted Answer

A) True 
 B)False

Question 11

A trust is a means of transferring property.

Accepted Answer

A) True 
 B)False

Question 12

Your gross estate is reduced by the _____ to determine the adjusted gross estate.

Accepted Answer

A)  state death tax credit 
B)  orphan's deduction 
C)  marital deduction 
D)  funeral and administrative expenses 
E)  previous year's income tax 
A)  state death tax credit 
B)  orphan's deduction 
C)  marital deduction 
D)  funeral and administrative expenses 
E)  previous year's income tax

Question 13

A new will revokes previous wills only if a statement such as "This will revokes all previous wills" appears.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

The applicable exclusion amount from estate tax for 2014 is .

Accepted Answer

A)  $500,000 
B)  $1,000,000 
C)  $2,000,000 
D)  $3,500,000 
E)  $5,340,000 
A)  $500,000 
B)  $1,000,000 
C)  $2,000,000 
D)  $3,500,000 
E)  $5,340,000

Question 16

The adoption of a child will cause estate transfer costs to change.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

A husband and wife together could give $20,000 to their niece with no gift tax liability even if the entire $20,000 came from the wife's checking account.

Accepted Answer

A) True 
 B)False

Question 19

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.
-Under the 2014 transfer tax law for married couples,estates of less than [$5,340,000 | $10,680,000] will not be subject to taxes on their transfer either by gift or by estate.

Accepted Answer

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

Question 20

Joint ownership of assets is an effective substitute for a will.

Accepted Answer

A) True 
 B)False

People planning means providing sustenance and resources for family members.

One of the aspects of disposition of property consists of:

A letter of last instruction might provide directions for:

A testamentary trust is established in a will and is funded through a probate process.

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 die with no valid will in existence,you have died [intestate | testate].

In an irrevocable living trust,the donor relinquishes his title to the property.

Dying intestate means dying with a valid will.

Disability is a common reason for estates to break up.

A trust is a means of transferring property.

Your gross estate is reduced by the _____ to determine the adjusted gross estate.

A new will revokes previous wills only if a statement such as "This will revokes all previous wills" appears.

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

The applicable exclusion amount from estate tax for 2014 is .

The adoption of a child will cause estate transfer costs to change.

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

A husband and wife together could give $20,000 to their niece with no gift tax liability even if the entire $20,000 came from the wife's checking account.

Joint ownership of assets is an effective substitute for a will.

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

People planning means providing sustenance and resources for family members.

One of the aspects of disposition of property consists of:

A letter of last instruction might provide directions for:

A testamentary trust is established in a will and is funded through a probate process.

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 die with no valid will in existence,you have died [intestate | testate].

In an irrevocable living trust,the donor relinquishes his title to the property.

Dying intestate means dying with a valid will.

Disability is a common reason for estates to break up.

A trust is a means of transferring property.

Your gross estate is reduced by the _____ to determine the adjusted gross estate.

A new will revokes previous wills only if a statement such as "This will revokes all previous wills" appears.

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

The applicable exclusion amount from estate tax for 2014 is .

The adoption of a child will cause estate transfer costs to change.

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

A husband and wife together could give $20,000 to their niece with no gift tax liability even if the entire $20,000 came from the wife's checking account.

Joint ownership of assets is an effective substitute for a will.

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