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Question 1 of 10
1. Question
Rights to a property being passed from one individual to another in accordance with the established laws is referred as?
Correct
Operation of law refers to the rights to a property being passed from one individual to another in accordance with the established laws. In the case of joint tenancy with the right of survivorship, for instance, the law states that there will be equal ownership and automatic survivorship, as well as an undivided right to possess the property.
Incorrect
Operation of law refers to the rights to a property being passed from one individual to another in accordance with the established laws. In the case of joint tenancy with the right of survivorship, for instance, the law states that there will be equal ownership and automatic survivorship, as well as an undivided right to possess the property.
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Question 2 of 10
2. Question
Identify the parties involved in a trust:
I. Trustor
II. Trustee
III. Owner
IV. BeneficiaryCorrect
There are three parties involved in a trust: the trustor, who creates the trust and who funds it; the trustee, who has legal title and manages the trust assets; and the beneficiary, who enjoys the beneficial interest in the trust.
Incorrect
There are three parties involved in a trust: the trustor, who creates the trust and who funds it; the trustee, who has legal title and manages the trust assets; and the beneficiary, who enjoys the beneficial interest in the trust.
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Question 3 of 10
3. Question
Identify the types of wills:
I. Living Will
II. Nuncupative will
III. Pull-out wil
IV. Holographic willCorrect
A holographic will is written entirely by the testator and may be valid without witnesses. A nuncupative will is one the testator spoke before death in the presence of a number of witnesses. A living will is a legal document that describes which medical procedures are to be used in the event that the testator becomes unconscious or incompetent.
Incorrect
A holographic will is written entirely by the testator and may be valid without witnesses. A nuncupative will is one the testator spoke before death in the presence of a number of witnesses. A living will is a legal document that describes which medical procedures are to be used in the event that the testator becomes unconscious or incompetent.
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Question 4 of 10
4. Question
Identify the wills that have reciprocal provisions in case of the death of one party:
Correct
Joint wills are two separate wills that have reciprocal provisions in case of the death of one party.
Incorrect
Joint wills are two separate wills that have reciprocal provisions in case of the death of one party.
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Question 5 of 10
5. Question
A right that one individual grants to another to act on his or her behalf is called?
Correct
The power of attorney is a right that one individual grants to another to act on his or her behalf. This power is typically witnessed and accredited.
Incorrect
The power of attorney is a right that one individual grants to another to act on his or her behalf. This power is typically witnessed and accredited.
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Question 6 of 10
6. Question
What is the amount of gifts of a present interest to be excluded from the amount of the donor’s taxable gifts?
Correct
In 2017, donors were allowed to exclude the first $14,000 of gifts of a present interest from the amount of the donor’s taxable gifts; this annual exclusion amount could be doubled through the practice of gift splitting with a spouse.
Incorrect
In 2017, donors were allowed to exclude the first $14,000 of gifts of a present interest from the amount of the donor’s taxable gifts; this annual exclusion amount could be doubled through the practice of gift splitting with a spouse.
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Question 7 of 10
7. Question
Identify the parties involved in guardianship:
I. Ward
II. Guardian
III. A state administrating body
IV. A federal bodyCorrect
In a typical guardianship, there will be a ward (the protected person), a guardian (also known as a conservator), and a state administrating body.
Incorrect
In a typical guardianship, there will be a ward (the protected person), a guardian (also known as a conservator), and a state administrating body.
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Question 8 of 10
8. Question
Identify the advantages of a living trust over a conservatorship:
I. It is flexible.
II. It has smaller administrative costs.
III. It assures that the transaction will be completed.
IV. It grants broader management authority.Correct
The advantages of a living trust over a conservatorship are that it is more flexible, it has smaller administrative costs, and it grants broader management authority.
Incorrect
The advantages of a living trust over a conservatorship are that it is more flexible, it has smaller administrative costs, and it grants broader management authority.
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Question 9 of 10
9. Question
Properties of good disability insurance policy are?
I. It applies specifically to an occupation.
II. It is renewable and non-cancellable.
III. It covers the disability from both accident and illness.
IV. It has a 5 years waiting period.Correct
A good disability insurance policy will: provide partial rather than total disability; apply specifically to an occupation; be renewable and noncancelable; cover disability from both accident and illness; pay at least 60% of take-home pay; pay at least through age 65; offer cost-of-living adjustments; offer standard-of-living adjustments; and have a three-month waiting period.
Incorrect
A good disability insurance policy will: provide partial rather than total disability; apply specifically to an occupation; be renewable and noncancelable; cover disability from both accident and illness; pay at least 60% of take-home pay; pay at least through age 65; offer cost-of-living adjustments; offer standard-of-living adjustments; and have a three-month waiting period.
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Question 10 of 10
10. Question
Identify the type of trust which are irrevocable trusts that neither distribute principal nor accumulate some fiduciary accounting income:
Correct
Complex trusts are those irrevocable trusts that neither distribute principal nor accumulate some fiduciary accounting income.
Incorrect
Complex trusts are those irrevocable trusts that neither distribute principal nor accumulate some fiduciary accounting income.