Question 1

Which of the following is not a section of the last will and testament?

Accepted Answer

A)  Direction of payments 
B)  Appointment clause 
C)  Simultaneous death clause 
D)  Contest and dispose clause 
E)  Execution and attestation clause 
A)  Direction of payments 
B)  Appointment clause 
C)  Simultaneous death clause 
D)  Contest and dispose clause 
E)  Execution and attestation clause

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.
-Funeral instructions should be included in a [letter of instructions | your will].

Accepted Answer

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

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.
-You could give an unlimited amount of assets to your [children | spouse] without incurring any gift taxes.

Accepted Answer

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

Question 4

A trust designed to provide liquidity to pay for estate taxes and to take care of the grantor's spouse and children is a(n)_____.

Accepted Answer

A)  revocable living 
B)  irrevocable life insurance 
C)  testamentary 
D)  charitable lead 
E)  credit shelter 
A)  revocable living 
B)  irrevocable life insurance 
C)  testamentary 
D)  charitable lead 
E)  credit shelter

Question 5

The goal of estate planning is to:

Accepted Answer

A)  accumulate. 
B)  preserve. 
C)  distribute. 
D)  all of the above 
E)  none of the above 
A)  accumulate. 
B)  preserve. 
C)  distribute. 
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.
-You could give any number of people [$14,000 | $25,000] per year without having to pay any gift taxes.

Accepted Answer

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

Question 7

Gift tax liability could be incurred on this transaction:

Accepted Answer

A)  providing rent-free apartment for mother. 
B)  1,000 hours of babysitting for grandchild. 
C)  son's deposit into husband-wife joint checking account. 
D)  setting up a revocable trust. 
E)  $35,000 given to son. 
A)  providing rent-free apartment for mother. 
B)  1,000 hours of babysitting for grandchild. 
C)  son's deposit into husband-wife joint checking account. 
D)  setting up a revocable trust. 
E)  $35,000 given to son.

Question 8

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 9

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 10

The gift tax law allows a person to give gifts up to $10,000 tax free for the year 2014..

Accepted Answer

A) True 
 B)False

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.
-A valid will [must be written | can be oral or written].

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.
-When your die,your debts will be paid [only if you so direct in your will | because state laws protect creditors' rights].

Accepted Answer

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

Question 13

A testator can revoke a will by making a later will that is inconsistent with a former will.

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.
-Theresa and Ella,mother and daughter,own property as joint tenants with the right of survivorship.Ella [can | cannot] write a valid will leaving her part of this property to her husband.

Accepted Answer

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

Question 15

The testator of a will always receives property from the will.

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 after you die.

Accepted Answer

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

Question 17

Which of the following best describes a situation of intestacy?

Accepted Answer

A)  Having insufficient medical insurance during a period of illness 
B)  Dying without heirs 
C)  Being physically challenged 
D)  Dying without a valid will 
E)  Dying without any probate property 
A)  Having insufficient medical insurance during a period of illness 
B)  Dying without heirs 
C)  Being physically challenged 
D)  Dying without a valid will 
E)  Dying without any probate property

Question 18

The best choice for a trustee is a family member.

Accepted Answer

A) True 
 B)False

Question 19

The unlimited marital deduction requires the filing of a separate tax return.

Accepted Answer

A) True 
 B)False

Question 20

The federal estate tax is similar for all states.

Accepted Answer

A) True 
 B)False

Which of the following is not a section of the last will and testament?

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. -Funeral instructions should be included in a [letter of instructions | your will].

A trust designed to provide liquidity to pay for estate taxes and to take care of the grantor's spouse and children is a(n)_____.

The goal of estate planning is to:

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 could give any number of people [$14,000 | $25,000] per year without having to pay any gift taxes.

Gift tax liability could be incurred on this transaction:

Which of the following is not a type of trust?

The gift tax law allows a person to give gifts up to $10,000 tax free for the year 2014..

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 valid will [must be written | can be oral or written].

A testator can revoke a will by making a later will that is inconsistent with a former will.

The testator of a will always receives property from the will.

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 after you die.

Which of the following best describes a situation of intestacy?

The best choice for a trustee is a family member.

The unlimited marital deduction requires the filing of a separate tax return.

The federal estate tax is similar for all states.

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

Which of the following is not a section of the last will and testament?

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. -Funeral instructions should be included in a [letter of instructions | your will].

A trust designed to provide liquidity to pay for estate taxes and to take care of the grantor's spouse and children is a(n)_____.

The goal of estate planning is to:

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 could give any number of people [$14,000 | $25,000] per year without having to pay any gift taxes.

Gift tax liability could be incurred on this transaction:

Which of the following is not a type of trust?

The gift tax law allows a person to give gifts up to $10,000 tax free for the year 2014..

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 valid will [must be written | can be oral or written].

A testator can revoke a will by making a later will that is inconsistent with a former will.

The testator of a will always receives property from the will.

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 after you die.

Which of the following best describes a situation of intestacy?

The best choice for a trustee is a family member.

The unlimited marital deduction requires the filing of a separate tax return.

The federal estate tax is similar for all states.

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