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

A(n)________ is a trust established to transfer assets to your children,while allowing the surviving spouse access to funds in the trust,if necessary.Trust assets are distributed to the children tax free upon the death of the surviving spouse.

Because Toby and Jenny's children are under the age of 18 they should name a ________ to care for them and manage their property should Toby and Jenny pass away.

Within Herbert's will he designates ________ who are willed his property,an ________ who will be responsible for carrying out the provisions of the will,and a(n)________ who will care for any of his children under age ________.

Herbert Dix picked up a booklet at his attorney's office that described estate planning.All of the following were included as primary objectives of estate planning except

Through the portable estate exemption a surviving spouse's exemption amount will do which of the following?

For someone who dies intestate,or without a valid will,________ and the applicable state laws allow for the orderly distribution of the estate.

A ________ provides a directive to a physician that allows you to state your wishes regarding medical treatment in the event of a terminal illness or injury that renders you unable to make decisions regarding life support or other medical treatments.

Your estate tax burden can be reduced by giving gifts to your heirs prior to your death.This has the effect of reducing the value of your estate and thus lowering your tax obligation.As of 2011,each spouse can give up to $________ each year to ________.

One in 10 American adults who do not have any elements of an estate plan in place say that they haven't created a plan because they don't want to think about dying or becoming incapacitated.

John Kennedy Jr.and his wife Caroline both perished in the same plane crash.Which of the following clauses would identify who is assumed to have perished first?

List some common reasons people use trusts.

To determine your estate's net worth,you would

A durable power of attorney means that the attorney who wrote the will for you is your legal guardian in case you become incapacitated and can't make decisions yourself.

If you have children from a previous marriage and you get remarried and own property jointly with your new spouse,then tenancy by the entirety should be sufficient for you if you wish your children to inherit your property.

What steps would you take in the estate planning process?

Which of the following is a requirement of a valid will?

Which feature makes it possible for a married couple to transfer up to $10.68 million and avoid federal estate tax,all without having to use a family trust?

The executor is the individual who is responsible for carrying out the provisions of your will.

What does the generation skipping tax do?

During the lifetime of Jack and his wife,they acquired assets individually and as members of former marriages.During their marriage,they acquired more joint property,but his wife left all of her estate to her children.Upon his wife's death,Jack would have received the other half of their