Exam 16: Estate Planning: Saving Your Heirs Money and Headaches

Under ,ownership passes directly on to the surviving owner or owners,bypassing the will.With ,when one spouse dies assets become part of the deceased's estate and are distributed through the will.

(Multiple Choice)

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(65)

Question 21

Trusts are much more difficult to challenge in court than are wills which is what makes them more attractive.

(True/False)

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Question 22

Pat and John want to reduce the size of their by gifting their four grandchildren and two children the maximum tax free amount per year for the next five years.How much can they gift,tax free,each year?

(Multiple Choice)

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Question 23

A trust is created when a grantor transfers property to a trustee for the benefit of one or more people.

(True/False)

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Question 24

The main purpose of probate is to make sure the beneficiaries are treated equally.

(True/False)

5.0/5

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Question 25

The individual you name who will care for your minor aged children is known as their

(Multiple Choice)

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Question 26

Give five good reasons to have a will.

(Essay)

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Question 27

All of the following are commonly used estate planning tools except

(Multiple Choice)

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Question 28

The process of determining what your heirs will receive from your estate occurs in which step of the estate planning process?

(Multiple Choice)

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Question 29

Pat and John want to reduce the size of their by gifting their four grandchildren and two children the maximum tax free amount per year for the next five years.How much can they reduce their taxable estate by over this five years?

(Multiple Choice)

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(75)

Question 30

What is the first step in probate?

(Multiple Choice)

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Question 31

For most married couples,tenancy by the entirety is the best way to establish ownership.

(True/False)

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Question 32

Approximately how many wills are challenged?

(Multiple Choice)

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Question 33

A trust that gives the individual establishing the trust the ability to direct income from the trust to his or her spouse over the spouse's life,and then,at the spouse's death,to choose to whom the assets go is called a

(Multiple Choice)

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(64)

Question 34

You and your roommate have decided to purchase a house together.If you want your share of the asset to pass on to your relatives named in your will,what type of ownership should you establish for the house?

(Multiple Choice)

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Question 35

Describe the typical funeral and administrative expenses.

(Essay)

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Question 36

A will can be amended by a codicil for relatively minor changes.

(True/False)

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Question 37

Individuals to whom you have willed your property are known as executors.

(True/False)

4.9/5

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Question 38

A durable health care power of attorney allows you to designate another person to make life support decisions if you are unable to.

(True/False)

4.8/5

(90)

Question 39

All of the following features are common to a basic will except

(Multiple Choice)

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(86)

Question 40

Showing 21 - 40 of 111

Under ,ownership passes directly on to the surviving owner or owners,bypassing the will.With ,when one spouse dies assets become part of the deceased's estate and are distributed through the will.

Trusts are much more difficult to challenge in court than are wills which is what makes them more attractive.

Pat and John want to reduce the size of their by gifting their four grandchildren and two children the maximum tax free amount per year for the next five years.How much can they gift,tax free,each year?

A trust is created when a grantor transfers property to a trustee for the benefit of one or more people.

The main purpose of probate is to make sure the beneficiaries are treated equally.

The individual you name who will care for your minor aged children is known as their

Give five good reasons to have a will.

All of the following are commonly used estate planning tools except

The process of determining what your heirs will receive from your estate occurs in which step of the estate planning process?

Pat and John want to reduce the size of their by gifting their four grandchildren and two children the maximum tax free amount per year for the next five years.How much can they reduce their taxable estate by over this five years?

What is the first step in probate?

For most married couples,tenancy by the entirety is the best way to establish ownership.

Approximately how many wills are challenged?

A trust that gives the individual establishing the trust the ability to direct income from the trust to his or her spouse over the spouse's life,and then,at the spouse's death,to choose to whom the assets go is called a

You and your roommate have decided to purchase a house together.If you want your share of the asset to pass on to your relatives named in your will,what type of ownership should you establish for the house?

Describe the typical funeral and administrative expenses.

A will can be amended by a codicil for relatively minor changes.

Individuals to whom you have willed your property are known as executors.

A durable health care power of attorney allows you to designate another person to make life support decisions if you are unable to.

All of the following features are common to a basic will except

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: the Role of Open Credit

Student and Consumer Loans: the Role of Planned Borrowing

The Home and Automobile Decision

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: an Easy Way to Diversify

Retirement Planning

Financial Life Eventsfitting the Pieces Together

Filters

Exam 16: Estate Planning: Saving Your Heirs Money and Headaches

Under ________,ownership passes directly on to the surviving owner or owners,bypassing the will.With ________,when one spouse dies assets become part of the deceased's estate and are distributed through the will.

Trusts are much more difficult to challenge in court than are wills which is what makes them more attractive.

Pat and John want to reduce the size of their by gifting their four grandchildren and two children the maximum tax free amount per year for the next five years.How much can they gift,tax free,each year?

A trust is created when a grantor transfers property to a trustee for the benefit of one or more people.

The main purpose of probate is to make sure the beneficiaries are treated equally.

The individual you name who will care for your minor aged children is known as their

Give five good reasons to have a will.

All of the following are commonly used estate planning tools except

The process of determining what your heirs will receive from your estate occurs in which step of the estate planning process?

Pat and John want to reduce the size of their by gifting their four grandchildren and two children the maximum tax free amount per year for the next five years.How much can they reduce their taxable estate by over this five years?

What is the first step in probate?

For most married couples,tenancy by the entirety is the best way to establish ownership.

Approximately how many wills are challenged?

A trust that gives the individual establishing the trust the ability to direct income from the trust to his or her spouse over the spouse's life,and then,at the spouse's death,to choose to whom the assets go is called a

You and your roommate have decided to purchase a house together.If you want your share of the asset to pass on to your relatives named in your will,what type of ownership should you establish for the house?

Describe the typical funeral and administrative expenses.

A will can be amended by a codicil for relatively minor changes.

Individuals to whom you have willed your property are known as executors.

A durable health care power of attorney allows you to designate another person to make life support decisions if you are unable to.

All of the following features are common to a basic will except

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: the Role of Open Credit

Student and Consumer Loans: the Role of Planned Borrowing

The Home and Automobile Decision

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: an Easy Way to Diversify

Retirement Planning

Financial Life Eventsfitting the Pieces Together

Filters

Under ,ownership passes directly on to the surviving owner or owners,bypassing the will.With ,when one spouse dies assets become part of the deceased's estate and are distributed through the will.