Al and Sal have been married for 35 years. They are both 62 years old and share two children, Seth and Beth. Al and Sal will retire at the end of this vear on December 31st. The following is a summarv of their financial assets: Al and Sal have no outstanding debts or liabilities. After A retires, which of the following options will be available to him regarding his 4010N account? 1. Al can withdraw maney from his 401k account at without an early withdrawal penaliy. 2. Al can rollover hik 401k account into an IRA without paying taves on the transaction. 3. Al can take withdrawals from his 401k account without incurring income taxes. 4. A can take withdrawals from his 401k account, but will incur income taxes. 1. 2 . and 4 2 and 4 1.2, and 3 1 and 3 Al wants to replace his old car with a new Cadillac when he retires. If Al and Sal sell a stock mutual fund account that they have held for 3 years to pay for the car, which of the following will be true? They will pay capital gains taves if the mutual funds are sold for a higher price than they paid. They will pay income taxes on the gain if the mutual funds sell for more than what they paid. No taxes will be due on the transaction. An early withdrawal penalty will be due if the mutual fund account assets have been in the account fewer than five years. If Sal sells some of the Roth IRA account that she has held for 6 years to pay for the car, which of the following will be true? No taves will be due on the transaction. Thoy will pay capilal gains taxes if the enutual funds are sold for a higher peice than they paid They wall pay lricome taoes on the sain it the mutual funds sell for more than what they paid. An exly withdrawal penalty will be dive if the mutual fund account insets have been in the account fewer than tive vearh. A and Sal have each written a valid will. Their stated intentions are identical they state that they wish to leave all of their assets to each other as primary beneficiaries and then to their children, divided equally, as successor beneficiaries. If Al dies first, which of the assets will go directly to 5al without going through the probate process? The checking account. CDt, tock multual und actount, and 401k. The checking account, CD2, stock mutual vand account, 401k and personul residence. CD1 and 401k onty. All of the assets because only N his died. After Al's death, Sal added her daughter Beth as a joint owner on her checking account so Beth could help her with her bills. She added her son Seth as an owner on her Stock Mutual Fund Account. She did not make any changes to her will. Assuming the value of the assets did not change before or after her death, how much would Seth receive as a beneficiary of his mother's estate? $1,015,500 $1,000,500 $1,054,500 $908,500 Assume that after Al died, Sal remarried. Her new husband, Phil, is also widowed with two adult children. Phil moved into Sal's home and, having few assets of his own, convinces Sal to put the residence in both of their names as "Joint Owners with Rights of Survivorship." Before Sal is able to update her will, Sal passes away. How will this affect her children's inheritance? Seth and Beth will not receive the personal residence as a part of their inheritance. Since Seth and Beth were named in Sal's will as beneficiaries after their father's death, they remain beneficiaries of the personal residence. Seth and Beth will receive the personal residence after Phil's death. The value of the personal residence, along with the remainder of Sal's assets, will be divided equally between Phil, Seth, and Beth. Al and Sal have been married for 35 years. They are both 62 years old and share two children, Seth and Beth. Al and Sal will retire at the end of this vear on December 31st. The following is a summarv of their financial assets: Al and Sal have no outstanding debts or liabilities. After A retires, which of the following options will be available to him regarding his 4010N account? 1. Al can withdraw maney from his 401k account at without an early withdrawal penaliy. 2. Al can rollover hik 401k account into an IRA without paying taves on the transaction. 3. Al can take withdrawals from his 401k account without incurring income taxes. 4. A can take withdrawals from his 401k account, but will incur income taxes. 1. 2 . and 4 2 and 4 1.2, and 3 1 and 3 Al wants to replace his old car with a new Cadillac when he retires. If Al and Sal sell a stock mutual fund account that they have held for 3 years to pay for the car, which of the following will be true? They will pay capital gains taves if the mutual funds are sold for a higher price than they paid. They will pay income taxes on the gain if the mutual funds sell for more than what they paid. No taxes will be due on the transaction. An early withdrawal penalty will be due if the mutual fund account assets have been in the account fewer than five years. If Sal sells some of the Roth IRA account that she has held for 6 years to pay for the car, which of the following will be true? No taves will be due on the transaction. Thoy will pay capilal gains taxes if the enutual funds are sold for a higher peice than they paid They wall pay lricome taoes on the sain it the mutual funds sell for more than what they paid. An exly withdrawal penalty will be dive if the mutual fund account insets have been in the account fewer than tive vearh. A and Sal have each written a valid will. Their stated intentions are identical they state that they wish to leave all of their assets to each other as primary beneficiaries and then to their children, divided equally, as successor beneficiaries. If Al dies first, which of the assets will go directly to 5al without going through the probate process? The checking account. CDt, tock multual und actount, and 401k. The checking account, CD2, stock mutual vand account, 401k and personul residence. CD1 and 401k onty. All of the assets because only N his died. After Al's death, Sal added her daughter Beth as a joint owner on her checking account so Beth could help her with her bills. She added her son Seth as an owner on her Stock Mutual Fund Account. She did not make any changes to her will. Assuming the value of the assets did not change before or after her death, how much would Seth receive as a beneficiary of his mother's estate? $1,015,500 $1,000,500 $1,054,500 $908,500 Assume that after Al died, Sal remarried. Her new husband, Phil, is also widowed with two adult children. Phil moved into Sal's home and, having few assets of his own, convinces Sal to put the residence in both of their names as "Joint Owners with Rights of Survivorship." Before Sal is able to update her will, Sal passes away. How will this affect her children's inheritance? Seth and Beth will not receive the personal residence as a part of their inheritance. Since Seth and Beth were named in Sal's will as beneficiaries after their father's death, they remain beneficiaries of the personal residence. Seth and Beth will receive the personal residence after Phil's death. The value of the personal residence, along with the remainder of Sal's assets, will be divided equally between Phil, Seth, and Beth