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Exam 15: Preserving Your Estate

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Question 91

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The taxable estate is less than the adjusted gross estate.

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Question 92

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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 during your lifetime.

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Question 93

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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. -Federal law permits [a limited | an unlimited] deduction for gift tax purposes on property given to a spouse who is a U.S.citizen.

An estate plan would be least likely to need revision when

Liquidity is important in an estate to pay for death costs and possible taxes.

Minors can handle large sums of money and property.

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 Bob Shockey.

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. -The person writing a will is called the [decedent | testator].

The basis of inherited property is

Bequests to close relatives who die before the testator will go to the relative's heirs unless the will includes other directions.

A joint tenancy with right of survivorship may consist of

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].

The adjusted gross estate is calculated by subtracting any allowable marital deduction or charitable deduction from the gross estate.

Your will would appoint a(n) ____ to carry out the terms of the will.

The decedent's personal representative is called a(n)

An estate plan is good only as long as it fits the needs,desires,and circumstances of the parties involved.

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. -If a gift tax has to be paid,the [giver | recipient] of the gift will pay it.