financial decision planning week3 QUIZ 1

a. What is the difference between distributing property per capita and per stirpes?     When would a per stirpes distribution be required? what are two ways in which the duties of an administrator differ from those of an executor? Must the grantor, trustee, and beneficiary of a trust all be different people? What formalities must be followed to create a testamentary trust?

Question 20 True or False. The concept of the inevitable gain in a life insurance policy indicate that using insurance proceeds will not cost the estate more than using IRC Sections 6166 or 6161 to pay the tax.     True     False

For the following definitions, indicate the type of trust being described by selecting the correct answer from the dropdown.  option for answer - blind trust, life insurance trust, living (revocable) trust, divorce trust, trust for minors a.   Holds life insurance policies on the insured.   b.   Provides funds for a college education or other needs, shifts income to other taxpayers, and transfers accumulated income without permanently parting with the underlying assets.   c.   Manages assets, reduces probate costs, provides privacy for asset disposition, protects against medical or other emergencies.   d.   Manages the assets of an ex-spouse.

Which type of risk attitude is exhibited by a property owner who decides to buy property insurance with a higher deductible in order to lower premium costs? a. risk obsessed b. risk seeking c. risk avoiding d. risk optimizing.  Need typed answer only.Please give answer within 45 minutes

not use ai please

Q2) Which of the following statements is false? a. If there are changes to an individual’s circumstances, the retirement plan should be reviewed. b. When developing a retirement plan, one should ensure that he has contingency funds and sufficient insurance protection. c. To better achieve one’s retirement funding objectives, the funding plan should not be modified under any circumstances. d. Regular reviews on the plan should be conducted to ensure that the retirement funding objectives are met.

Which of the following is not a true statement?a. Testate refers to a person having a valid will.b. The laws of descent convey personal property if an individual dies without a valid will.c. Intestate refers to a person having no valid will.d. A specific legacy is a gift of personal property that is specifically identified.

If a transferor is concerned about shielding his assets from a creditor, which of the following transfer techniques should he utilize? I. He should create a testamentary bypass trust. II. He should transfer his assets to an UTMA for his minor child. III. He should transfer his assets to a Section 2503(c) minor's trust and name an independent trustee. IV. He should execute a payable on death designation on his bank account.   A) II only   B) I, III, and IV   C) II and III   D) II, III, and IV

What is the role of trusts in estate planning?

Which of the following statements regarding a cash flow plan for an estate is CORRECT? A cash flow plan for an estate should be flexible enough to account for unexpected expenses. A cash flow plan for an estate should indicate when the estate's cash inflows and outflows are expected to occur. In developing a cash flow plan, an executor should explore possible ways of reducing the estate's cash needs.

Propose ethical suggestions to reduce estate tax and gift taxes on property transfers.

Question 21 Which of the following is the best evidence of continuous ownership of property? a. Examination of canceled check in payment for the property. b. Examination of the deed. Oc. Examination of the title policy. Od. Examination of the client's property tax bills. 4

Pls help ASAP on both

Please do not give solution in image format ?