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




Answer Key

Related Articles
  1. Managing Wealth

    Nonfreehold Estates In Real Property

    If you have an interest in real estate, read on to find out which type of property you have.
  2. Investing

    The Benefits And Pitfalls Of Joint Tenancy

    This arrangement allows beneficiaries to access your account without having to go to court.
  3. Investing

    Holding Titles On Real Property

    Find out how best to claim and convey ownership on your assets.
  4. Financial Advisor

    Older Clients Marrying: How Advisors Can Help

    There 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.
  5. Personal Finance

    5 Things To Consider Before Late-In-Life Marriage

    Waiting to marry has become the norm, but do you know what to consider before saying "I do"?
  6. Personal Finance

    Why Marriage Makes Financial Sense

    Getting married has many financial positives. Here are some of them.
  7. Managing Wealth

    Before You Remarry: Blending 2 Families' Finances

    Whether 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.
  8. Financial Advisor

    Top Ways to Help Engaged Clients Blend Estates

    These are the top ways advisors can help clients who are engaged understand the financial impact of marriage and how it will affect their estate plans.
Frequently Asked Questions
  1. Depreciation Can Shield Taxes, Bolster Cash Flow

    Depreciation can be used as a tax-deductible expense to reduce tax costs, bolstering cash flow
  2. What schools did Warren Buffett attend on his way to getting his science and economics degrees?

    Learn how Warren Buffett became so successful through his attendance at multiple prestigious schools and his real-world experiences.
  3. How many attempts at each CFA exam is a candidate permitted?

    The CFA Institute allows an individual an unlimited amount of attempts at each examination.Although you can attempt the examination ...
  4. What's the average salary of a market research analyst?

    Learn about average stock market analyst salaries in the U.S. and different factors that affect salaries and overall levels ...
Trading Center