Deck 5: Estate Planning Basics

Question 1

All of the following are types of wills except:

A)Holographic.
B)Joint.
C)Mutual.
D)Wait-and-see.

Answer 1

D

Question 2

The two main types of advance medical directives are:
I)Disclaimer
II)Durable power of attorney for health care
III)Living will
IV)Power of attorney

A)II,III.
B)I,IV.
C)II,IV.
D)III,IV.

Answer 2

A

Question 3

Which of the following is not an advantage of a revocable trust?

A)Asset protection.
B)Incapacity Planning.
C)Privacy.
D)Probate avoidance.

Answer 3

A

Question 4

The two main types of property transfers are:

A)Beneficiary and Incapacity.
B)Joint with Rights of Survivorship and Tenancy by the Entirety.
C)Lifetime and testamentary.
D)Tenancy in Common and Tenancy by the Entirety.

Question 5

The marital and charitable deduction are taken from the _____.

A)Adjusted gross estate.
B)Gross estate.
C)Taxable estate.
D)Tax base estate.

Question 6

Which of the following are other names for a revocable trust?
I)Inter vivos trust.
II)Living trust.
III)Loving trust.
IV)Testamentary trust.

A)I,II.
B)III,IV.
C)I,II,III.
D)I,II,IV.

Question 7

A Crummey power allows gifts to a/an _____ to qualify for the federal annual gift tax exclusion

A)Estate.
B)Irrevocable trust.
C)Revocable trust.
D)Will.

Question 8

An individual is intestate if they die without a _____.

A)Advanced Health care Directive.
B)Power of Attorney.
C)Trust.
D)Will.