18.With a revocable living trust, the value of the assets placed into the trust [do|do not] become public knowledge.

7.The basis of inherited property is

a. the fair market value minus the cost of the property.

b. the cost of the property to the donor.

c. the fair market value reported on the estate tax return.

d. the fair market value plus the cost of the property.

e. None of these choices are correct.

14.Estate planning usually occurs during the last ten years of a person's life.

a. Trueb. False

19.In most cases, charitable contributions

a. should not be made

.b. should be made during life

.c. produce no income tax benefit.

d. should be made after death.

e. are subject to gift taxes.

20.A testator can revoke a will in which of the following ways?

a. Making a codicil that revokes prior wills

b. Making a later will that revokes prior wills

c. Burning the will

d. Making a later will that is inconsistent with a prior will

e. All of these choices are correct.

22.A gift's increase in value after it was given is [included in|excluded from] the donor's estate

23.If a person without relatives dies with a valid will, his or her property will go to the state.

a. Trueb. False

28.Through a [living will|durable power of attorney for health care] you authorize an individual to make health care decisions for you if you are unable to do so.

30.Trustees receive the benefits from a trust.

a. Trueb. False

32.The top federal gift and estate tax rate for 2015 is expected to be 40 percent.

a. Trueb. False

34.If there is no estate plan in place, state and federal laws control the disposition of assets.

a. Trueb. False

35.Federal law permits [a limited | an unlimited] deduction for gift tax purposes on property given to a spouse who is a U.S. citizen.