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Exam 19: Estate Planning

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Question 81

True/False

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You should avoid probate because it is expensive,lengthy,and public.

A) True
B) False

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Question 82

Multiple Choice

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Which is true of estate planning?

A) It includes managing your property while you are alive
B) It includes dealing with what happens to your property after your death
C) It is part of retirement planning
D) It is part of financial planning
E) All of these

F) A) and D)
G) A) and E)

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Question 83

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A person who assumes the responsibilities of providing the children with personal care and of managing the estate for them is called a:

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

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

Last-minute "death-bed" estate planning may fail to carry out your wishes.

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

A handwritten will is called a:

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.He still owes $125,000 on his mortgage and $5,000 on a car loan.The probate and administration costs of his estate are estimated at $5,000.What is his estimated net taxable estate?

Which type of will involves serious risks of invalidity and may be out of date with respect to current law?

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

Probate is less expensive,quicker,and private than a living trust.

Brenda Johnson has used a preprinted form that she got from the internet to create her will.However,she was unhappy with one section of the will and crossed out the parts she didn't like and hand wrote the changes she wanted.The changes that she made most likely made her will:

If you establish a ____________ trust,you cannot change its terms or end it.

Estate planning is useful only to rich and elderly people.