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Exam 19: Estate Planning

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Question 21

Multiple Choice

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A will is:

A) a way to transfer your property according to your wishes after you die.
B) a synonym for a prenuptial agreement.
C) a legal document authorizing someone to act on your behalf.
D) a synonym for a letter of last instruction.
E) a legal arrangement through which your assets are held by someone else.

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Question 22

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Hugh Bowers has been selected by Sandra Tyler to assume the responsibility of raising her children and managing her estate for those children if she were to die.In what capacity would Hugh be acting?

A) Executor
B) Trustee
C) Guardian
D) Beneficiary
E) Agent

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Question 23

Multiple Choice

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Which of the following is a part of estate planning?

A qualified personal residence trust,or QPRT,lets you get your home or vacation home out of your estate.

Estate planning is not an essential part of retirement planning.

A guardian is a person or an institution that holds property for the benefit of someone else.

A prenuptial agreement is a documentary agreement between spouses after marriage.

What is estate planning and how does your personal situation affect that planning?

Which is true of estate planning?

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Joseph Smith has assets worth $1,200,000.He has written a legal document that specifies that these assets are to be divided equally between his wife and his two sons upon his death.What is this legal document?

A living will is a substitute for a traditional will.

Which one of the following statements is correct regarding wills?

A codicil is a document that explains,adds,or deletes provisions in your existing will.

A living trust avoids probate at your death.

Millions of nontraditional households have unique estate planning problems.

A federal and state tax levied on the privilege of making gifts to others is called a(n) ________ tax.

What are the four major federal and state taxes that must be considered in estate planning?

If both parents die at the same time,a(n) ________ is a person who assumes the responsibilities of providing the children with personal care and of managing the estate.

Benjamin Wiley is married and has assets totaling $9 million.What type of will would most likely result in the lowest overall amount of federal estate taxes? Assume the exemption amount is $3 million.