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. Personal Finance

    Why Marriage Makes Financial Sense

    Getting married has many financial positives. Here are some of them.
  2. Personal Finance

    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.
  3. Retirement

    Roth Feature Boosts Benefits for 401(k) and 403(b) Plans

    Roth accounts tend to beat traditional plans over the long term by providing tax savings at retirement.
  4. Retirement

    Tips to Reduce or Avoid Probate on Your Estate

    Avoid or reduce the delays and costs of probate for your estate with these tips.
  5. Managing Wealth

    Financial Changes When You Marry

    Before you tie the knot, here are some steps to take so the legal underpinnings of your marriage will be as solid as your love.
  6. Personal Finance

    State Laws Dictate Division Of Joint Property

    In breakup, divorce or death, community or common law will determine how property is divided.
  7. Retirement

    Estate Planning Must-Haves For Unmarried Couples

    Society provides benefits to those who wed and punishes those who don't. Find out how to protect yourself.
  8. Personal Finance

    6 Ways Marriage Can Improve Your Finances

    Understanding your partner's situation is an essential step before combining your finances - but the perks can be plentiful.
  9. Small Business

    Why You Shouldn't Let Your Partner Do The Books

    One person often deals with the finances in a relationship, but being ignorant has a cost.
Frequently Asked Questions
  1. What's the Best Way to Contact Warren Buffett?

    Learn how to contact Warren Buffett and what kinds of contact is most likely to receive a response from him or from his company, ...
  2. What is the Financial Services Sector?

    A diverse group of companies, beyond banks and credit unions, comprises the financial services sector.
  3. Who are Whole Foods' (WFM) main competitors?

    Whole Foods' main competitors are Sprouts Farmers Markets and Trader Joe's. However, the recent acquisition by Amazon my ...
  4. What caused the Stock Market Crash of 1929 that preceded the Great Depression?

    Find out what led to the stock market crash of 1929, which in turn led to the Great Depression. It sparked a nearly 90% loss ...
Trading Center