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| Section | Objectives |
|---|---|
| Topic 1: Financial Planning Strategies | - Financial Planning Strategies
|
| Topic 2: Tax Laws | - Tax Laws
|
| Topic 3: Legal Principles | - Legal Principles
|
| Topic 4: Estate Planning Concepts | - Estate Planning Concepts
|
All the following statements concerning an estate for a term of years are correct EXCEPT:
Correct Answer: C 🗳️
A number of states have passed statutes governing "living wills." Which of the following statements concerning a living will is (are) correct?
1.A living will is an alternative to an inter vivos trust under certain circumstances.
2.A living will is an oral will made by the testator during a final illness when it is impossible to write one.
Correct Answer: D 🗳️
Which of the following statements concerning pooled-income funds is (are) correct?
1.A pooled income fund is similar to a mutual fund maintained by a qualified charity.
2.It is an irrevocable arrangement in which the remainder interest passes to charity.
Correct Answer: A 🗳️
Which of the following life insurance settlement options will qualify for the federal estate tax marital deduction?
1.Proceeds left to the surviving spouse under the interest option, with interest payable to the surviving spouse who has the unrestricted right to withdraw proceeds and with any proceeds not withdrawn payable equally to her children per stirpes
2.Proceeds left to the surviving spouse under an installment option, with any installments remaining at her death to be commuted and paid to her estate
Correct Answer: A 🗳️
All the following items will be included in a decedent's gross estate at their date of death value for federal estate tax purposes EXCEPT
Correct Answer: D 🗳️
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