5. Lori, a Florida resident, has a traditional IRA with a fair market value of $100,000 at her death. The IRA was setup through a large bank several years ago and she named her daughter (Beth) as the beneficiary. In Lori's will document she stated that she wanted her brother (Tommy) to get the IRA assets. On her deathbed, she promised them to her grandson (Mike). Legally, who will get the IRA assets?
A) The state of Florida
B) Brother Tommy
C) Daughter Beth
D) Grandson Mike
6. Which of the following are successful probate avoidance strategies?
(3) Individual brokerage accounts
(4) Revocable trusts
(5) Tenancy in common
A) 1, 2 and 4 only
B) 1, 2 and 5 only
C) 3, 4 and 5 only
D) All of the above 7. A person that dies without a will is said to have died how?
C) Per stirpes
D) By designated beneficiary
8. All of the following are disadvantages of the probate process EXCEPT:
A) Time consuming
B) Creditor notification
D) Public exposure
9. Which of the following is NOT a true statement concerning the probate and transfer process?
A) Both revocable and irrevocable trusts avoid probate
B) Life insurance proceeds pass by contract
C) A specific bequest leaves a specific asset to a specified person
D) Annuity accounts pass by transfer in the decedent's will
Managing WealthDon't let bad estate planning lead to unnecessary costs and stress for your inheritors.
Personal FinanceIt's tough when retirement accounts have go through probate, tying up those funds after death. Here is how you can prevent that from happening.
RetirementThese little-known features will help you get the most out of your retirement savings.
RetirementDesignating a trust as your IRA beneficiary can be beneficial, but it requires proper planning to avoid problems.
RetirementIn most cases there are easier, less expensive ways to avoid probate than a living trust.
InvestingThis arrangement allows beneficiaries to access your account without having to go to court.
RetirementIt's important to give serious consideration to your IRA beneficiary designations.
Managing WealthIf you have inherited an IRA account you don’t need to turn it over to the estate, regardless of what the will says.