1. Sam Jones passed away in 2011. He had the following assets with date of death FMV:
Joint CD with his wife - $100,000 (Sam contributed $50,000)
Joint brokerage with his son - $100,000 (Sam contributed $75,000)
Life insurance payable to his wife - $100,000 (owned by Sam)
Which of the following statements is TRUE?
A) $50,000 of the joint CD will go to his beneficiaries in the will.
B) $75,000 of the joint brokerage with his son will be included in Sam's estate.
C) Sam's gross estate will increase by $200,000 from the value of these assets.
D) Sam's wife will owe gift tax on the life insurance proceeds.
2. Which of the following property ownership arrangements can be entered into by spouses only?
I. Tenancy by the entirety
II. Tenancy in common
III. Community property
IV. Joint tenancy with rights of survivorship
A) I and III only
B) I and II only
C) II and IV only
D) I, II and III
3. Which of the following statements concerning community property is correct?
A) Probate avoidance is an attractive feature of community property.
B) Community property is allowed between father and son.
C) Assets inherited by one spouse in the course of marriage are generally not community property.
D) Assets purchased with funds from a shared account by either spouse during marriage are not considered community property.
4. All of the following concerning Tenancy in Common are correct EXCEPT:
A) There may be 5 or more individuals holding a tenancy in common.
B) Division of income can be spread out according to the amount invested.
C) Respective share goes through probate in the event of death.
D) Tenants cannot transfer their shares to another party.
Same Questions 5 - 9
InvestingThis arrangement allows beneficiaries to access your account without having to go to court.
Managing WealthIf you have an interest in real estate, read on to find out which type of property you have.
RetirementAvoid or reduce the delays and costs of probate for your estate with these tips.
Managing WealthDon't let bad estate planning lead to unnecessary costs and stress for your inheritors.
RetirementIf you die without a will, what happens to your assets? Here's how the state you live in can determine who will inherit your money and belongings.
InvestingDiscover a type of socially responsible investing that helps to contribute to noble causes close to home.
Personal FinanceCostco and Sam's Club offer similar prices in all departments. The better wholesale club membership for you depends on your personal shopping habits.