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Exam 19: Estate Planning

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Question 71

Multiple Choice

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Will Jones has created a will that leaves everything to his wife except an exemption amount of $2 million.This exemption amount passes into a trust.What type of will has Will created?

A) simple
B) traditional marital share
C) exemption trust
D) stated dollar amount
E) living

F) A) and E)
G) C) and E)

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Question 72

Multiple Choice

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Which one of the following statements is correct regarding wills?

A) Only married people need a will.
B) Only married people with dependents need a will.
C) Only the rich with considerable estates need a will.
D) Every adult should have a will.
E) Only senior citizens need a will.

F) B) and E)
G) All of the above

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Question 73

Multiple Choice

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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:

A handwritten will is called a(n) :

An estate plan is usually implemented by a will and one or more trust agreements.

Unmarried couples face formidable retirement and estate planning challenges.

Perhaps the most popular form of marital trust is the Q-TIP trust.

A statutory will is one type of formal will.

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?

With a marital-deduction trust you can leave your spouse any money that doesn't go into a credit-shelter trust.

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

How do wills and trusts help in planning your estate?

An ethical will is a way to pass on your values and beliefs to your heirs.

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

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

Which type of will allows you to pass to your spouse any amount that satisfies your family objective?

Making any changes on the face of your will can invalidate it.

A simple will creates lower overall taxation for all individuals.

If you establish a(n) ____________ trust,you retain the right to end the trust or change its terms.

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?