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Exam 19: Estate Planning

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Question 31

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

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Question 32

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Explain what a will is and what occurs at your death if you do not have one.

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Question 33

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The main advantage of the exemption trust will is that it eliminates future taxation of the exemption amount and any growth in it.

Which of the following is a part of estate planning?

Which one of the following statements is correct?

Millions of nontraditional households have unique estate planning problems.

A living will is a good substitute for a traditional will.

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

One of the advantages of a living trust is that property held in it avoids probate at your death.

Gerald Wilkins owns a home worth $250,000, a car worth $15,000, various investments worth $600,000 and other personal assets worth $25,000. What are these things to Gerald?

A large percentage of people do little or nothing to provide for those who will survive them.

How many months after your death is the federal estate tax due and payable in cash?

An estate tax is a federal tax levied on the right of a deceased person to transmit his or her property and life insurance at death.

A state tax levied on the right of an heir to receive all or part of the estate and life insurance proceeds of a deceased person is called a(n) ____________ tax.

Generally, the cost of writing a will is more than that for writing a living trust.

According to a recent American Association of Retired Persons (AARP) survey, over 40 percent of Americans age 45 or older have not drawn up a will.

A testamentary trust is a trust established by your will that becomes effective upon your death.

Maryanne Strothman wants to leave some words of encouragement and spiritual advice to her children to encourage their faith in the event that something happens to her. What type of document would be best for her to prepare?

Every adult should have a written will.

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?