Question
1. What is a benefit of a trust over a will? a. It does not need to be processed in probate court b. It is
1. What is a benefit of a trust over a will?
| a. It does not need to be processed in probate court | ||
| b. It is more comprehensive | ||
| c. It is entirely tax free | ||
| d. None of the Above |
2.
Which of the following documents do you probably need a lawyers help to draft and it is part of your estate?
| a. A last will and testament | ||
| b. A revocable living trust | ||
| c. A durable power of attorney | ||
| d. Advance directives | ||
| e. Letter of Last Instructions | ||
| f. A,B,C | ||
| g. D,E,F |
3.
Who decides what happens to your assets if you die without a will?
| a. Your spouse | ||
| b. Your children | ||
| c. A judge, following the laws set by your state legislature | ||
| d. Your lawyer |
4.
Discuss estate taxes. When is an estate subject to and not subject to estate taxes? An estate may be taxed: (Select the best answer below.)
| a. after it is distributed to the heirs. | ||
| b. before or after it is distributed to the heirs. | ||
| c. before it is distributed to the heirs. | ||
| d. if a surviving spouse becomes the sole owner of the estate. |
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Financial Accounting Theory
Authors: William R. Scott
7th edition
132984660, 978-0132984669
