1. Jeff and Jim have lived as a couple for over 12 years. Due to state laws, they have never had the opportunity to have a legal marriage. Jeff is a successful businessman, and wants to make sure that Jim is taken care of for life in the event of his untimely death. Which of the following property transfer options would meet his needs?
I. Tenancy by the entirety
II. Joint tenancy with rights of survivorship
III. Community property
IV. Tenancy in common with each other, no will
A) I only
B) II only
C) II and IV only
D) I and III only
2. Rebecca and Nancy have been life partners in Texas for over 20 years. Rebecca has no other survivors or family members that she desires to leave with any assets. She would like Nancy to receive her assets in the event of her death instead of the state of Texas. Which of the following recommendations would you make to Rebecca?
(1) Name Nancy as her beneficiary on her employer group life insurance policy.
(2) Make sure Rebecca drafts a will, making Nancy her property recipient.
(3) Change their accounts to tenancy by the entirety.
(4) Designate Nancy as the primary beneficiary on her IRA account.
(5) List Nancy as the recipient of the annuity in the will.
A) 1, 2 and 5 only
B) 2 and 3 only
C) 1, 2 and 4 only
D) 3, 4 and 5 only
E) All of the above
3. Larry and Shelly have been living together for five years now. They were both previously married and have children from their previous marriages. They vowed never to get married again even though they love each other very much. What documents should you recommend they consider?
I. Simple wills
II. Cohabitation agreements
III. Joint tenancy with rights of survivorship accounts
IV. Prenuptial marriage certificates
A) I and II only
B) III and IV only
C) I, II and III
D) All of the above
Managing WealthIf you have an interest in real estate, read on to find out which type of property you have.
Financial AdvisorThere are financial issues for clients marrying at any stage of life, but older spouses may bring many more things they need to talk through to the table.
Personal FinanceWaiting to marry has become the norm, but do you know what to consider before saying "I do"?
Personal FinanceThe number of unmarried couples is on the rise, but your relationship may or may not be given the same benefits as married couples.
Managing WealthWhether both of you are bringing kids into the new marriage, or just one of you, here are some smart solutions to preempt any financial tensions.
RetirementRoth accounts tend to beat Traditional plans over the long term by providing tax savings.
Personal FinanceIn breakup, divorce or death, community or common law will determine how property is divided.