Estate Planning For Non-Traditional Relationships - Sample Questions 1 - 3
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
Investing BasicsAre you considering hiring a fee-only financial advisor or one who is compensated via commissions? Read this first.
InvestingWhile stocks have rallied since the economic recovery in 2009, many active portfolio managers have struggled to deliver investor returns in excess.
RetirementWe discuss the advantages of seeking professional help when it comes to managing our retirement account.
Personal FinanceWhile there’s still potential for some “tweaking” around your Social Security retirement benefits, I’d like to share some insight on what we know now.
Chart AdvisorThere has been lots of hype around the IPO market lately. We'll take a look at whether now is the time to buy.
EntrepreneurshipLearn how a complete risk management plan can minimize or eliminate your financial exposure through insurance and prevention solutions.
Investing BasicsA diversified portfolio will protect you in a tough market. Get some solid tips here!
EntrepreneurshipThere are a lot of risks associated with running a business, but there are an equal number of ways to prepare for and manage them.
Active TradingIt's impossible to avoid disaster without trading rules - make sure you know how to devise them for yourself.
Trading StrategiesReduce position size by 50% to 75% in a flat market.
The excess return that investing in the stock market provides ...
The amount of risk that an insurance company retains after subtracting ...
Coverage that provides financial protection to investors, financial ...
The maximum loss from a peak to a trough of a portfolio, before ...
The absolute level of a fund's investments.
A technique used by insurance companies to calculate loss reserves.
Secured loans are better for the borrower than unsecured loans because the loan terms are more agreeable. Often, the interest ... Read Full Answer >>
Out of the 2,800 mutual funds that Morningstar, Inc., the leading provider of independent investment research in North America, ... Read Full Answer >>
Like all securities, mutual funds are subject to market, or systematic, risk. This is because there is no way to predict ... Read Full Answer >>
Mutual funds have become an incredibly popular option for a wide variety of investors. This is primarily due to the automatic ... Read Full Answer >>
While your auto insurance company cannot pull your full motor vehicle report, or MVR, it does pull a record summary that ... Read Full Answer >>
While the majority of financial advisors work for financial institutions such as banks, a large proportion of them are self-employed ... Read Full Answer >>