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

A ________ is a trust that distributes income according to need,as determined by the discretion of the trustee rather than according to some preset formula.

(Multiple Choice)

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(79)

Question 61

In 2017,a husband and wife could each exempt ,therefore eliminating taxes of an estate of .

(Multiple Choice)

4.9/5

(78)

Question 62

There is no limit to the size of transfers that can be made between spouses on a tax-free basis.

(True/False)

4.8/5

(84)

Question 63

A qualified terminable interest property trust 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.

(True/False)

4.9/5

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Question 64

What is/are advantage(s)to establishing a trust?

(Multiple Choice)

4.8/5

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Question 65

A living will is a directive to a physician that allows you to state your wishes regarding medical treatment in the event you are unable to make decisions for yourself.

(True/False)

4.8/5

(86)

Question 66

A married couple with 2 children and 5 grandchildren has an estate valued at $4 million.They decide to use gifts as a means to transfer some of their wealth to their family now and lower the value of their estate.If for a five-year period the couple give the maximum tax-free gift to each of their children and grandchildren,the value of their estate would be reduced to

(Multiple Choice)

4.7/5

(83)

Question 67

The ________ allows for the distribution of money and property in a will.

(Multiple Choice)

4.9/5

(73)

Question 68

________ is a type of ownership where two or more individuals share asset ownership,but the asset is passed to the deceased owner's estate and is distributed according to his or her will.

(Multiple Choice)

4.8/5

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Question 69

If you die without one,your state will "write one for you" based on intestacy laws.

(True/False)

4.9/5

(78)

Question 70

An individual who is responsible for carrying out the provisions of your will and managing your property until the estate is passed on to your heirs is called the

(Multiple Choice)

4.7/5

(85)

Question 71

How can you use the unlimited marital deduction to your advantage?

(Essay)

4.8/5

(74)

Question 72

We may prepare a to appoint someone to legally act on our behalf in the event we become mentally incapacitated and a to state our wishes in the event of a terminal illness or injury.

(Multiple Choice)

4.8/5

(72)

Question 73

Probate is the legal process of distributing an estate's assets.

(True/False)

4.8/5

(77)

Question 74

Alfred has appointed an executor in his will.This person will be responsible for

(Multiple Choice)

4.9/5

(90)

Question 75

Identify three advantages and three disadvantages of revocable living trusts.

(Essay)

4.9/5

(86)

Question 76

The correct equation to determine your estate's net worth is: value of your estate - level of estate's liabilities.

(True/False)

4.9/5

(76)

Question 77

What is the name for a document that provides for someone to act in your place for legal and financial matters in the event that you become mentally incapacitated?

(Multiple Choice)

4.8/5

(78)

Question 78

An attestation and witness clause is an attachment to a will that alters or amends a portion of the will signed in front of two witnesses.

(True/False)

4.8/5

(71)

Question 79

In which kind of trust can you place your assets while still alive?

(Multiple Choice)

4.8/5

(81)

Question 80

Showing 61 - 80 of 111

A ________ is a trust that distributes income according to need,as determined by the discretion of the trustee rather than according to some preset formula.

In 2017,a husband and wife could each exempt ,therefore eliminating taxes of an estate of .

There is no limit to the size of transfers that can be made between spouses on a tax-free basis.

A qualified terminable interest property trust 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.

What is/are advantage(s)to establishing a trust?

A living will is a directive to a physician that allows you to state your wishes regarding medical treatment in the event you are unable to make decisions for yourself.

The ________ allows for the distribution of money and property in a will.

________ is a type of ownership where two or more individuals share asset ownership,but the asset is passed to the deceased owner's estate and is distributed according to his or her will.

If you die without one,your state will "write one for you" based on intestacy laws.

An individual who is responsible for carrying out the provisions of your will and managing your property until the estate is passed on to your heirs is called the

How can you use the unlimited marital deduction to your advantage?

We may prepare a to appoint someone to legally act on our behalf in the event we become mentally incapacitated and a to state our wishes in the event of a terminal illness or injury.

Probate is the legal process of distributing an estate's assets.

Alfred has appointed an executor in his will.This person will be responsible for

Identify three advantages and three disadvantages of revocable living trusts.

The correct equation to determine your estate's net worth is: value of your estate - level of estate's liabilities.

What is the name for a document that provides for someone to act in your place for legal and financial matters in the event that you become mentally incapacitated?

An attestation and witness clause is an attachment to a will that alters or amends a portion of the will signed in front of two witnesses.

In which kind of trust can you place your assets while still alive?

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

A ________ is a trust that distributes income according to need,as determined by the discretion of the trustee rather than according to some preset formula.

In 2017,a husband and wife could each exempt ________,therefore eliminating taxes of an estate of ________.

There is no limit to the size of transfers that can be made between spouses on a tax-free basis.

A qualified terminable interest property trust 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.

What is/are advantage(s)to establishing a trust?

A living will is a directive to a physician that allows you to state your wishes regarding medical treatment in the event you are unable to make decisions for yourself.

The ________ allows for the distribution of money and property in a will.

________ is a type of ownership where two or more individuals share asset ownership,but the asset is passed to the deceased owner's estate and is distributed according to his or her will.

If you die without one,your state will "write one for you" based on intestacy laws.

An individual who is responsible for carrying out the provisions of your will and managing your property until the estate is passed on to your heirs is called the

How can you use the unlimited marital deduction to your advantage?

We may prepare a ________ to appoint someone to legally act on our behalf in the event we become mentally incapacitated and a ________ to state our wishes in the event of a terminal illness or injury.

Probate is the legal process of distributing an estate's assets.

Alfred has appointed an executor in his will.This person will be responsible for

Identify three advantages and three disadvantages of revocable living trusts.

The correct equation to determine your estate's net worth is: value of your estate - level of estate's liabilities.

What is the name for a document that provides for someone to act in your place for legal and financial matters in the event that you become mentally incapacitated?

An attestation and witness clause is an attachment to a will that alters or amends a portion of the will signed in front of two witnesses.

In which kind of trust can you place your assets while still alive?

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

In 2017,a husband and wife could each exempt ,therefore eliminating taxes of an estate of .

We may prepare a to appoint someone to legally act on our behalf in the event we become mentally incapacitated and a to state our wishes in the event of a terminal illness or injury.