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?
(1) TOD
(2) POD
(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?
A) Intestate
B)
Intra-state
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
C)
Expensive
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




Answer Key

Related Articles
  1. Retirement

    Skipping-Out on Probate Costs

    Don't let bad estate planning lead to unnecessary costs and stress for your inheritors.
  2. Retirement

    Moving Retirement Plan Assets: How To Avoid Mistakes

    Sometimes things go wrong in a simple transfer of funds. Make sure you know how to avoid penalties.
  3. Retirement

    Retirement Savings: How Much Is Enough?

    While the recommended savings rate has historically been 10%, indications are that today, most Americans are putting away less than 5%
  4. Retirement

    Designating A Trust As Retirement Beneficiary

    Designating a trust as your IRA beneficiary can be beneficial, but it requires proper planning to avoid problems.
  5. Personal Finance

    The Benefits And Pitfalls Of Joint Tenancy

    This arrangement allows beneficiaries to access your account without having to go to court.
  6. Retirement

    Evaluate the Performance of Your Investments

    Congratulations, you’re halfway done! Now that you know what you have along with some idea of how to accomplish your goals, it’s time to go over your portfolio to see whether it fits ...
  7. Retirement

    Traditional IRAs: Eligibility Requirements

    By Denise ApplebyWho Can Establish a Traditional IRA?Any individual who has taxable compensation or self-employment income (earned by sole proprietors and partners) for the year, and will not ...
  8. Entrepreneurship & Small Business

    Female Entrepreneurs Who Overcame Hardship

    These three female entrepreneurs overcame difficult pasts to start and nurture their own businesses.
  9. Managing Wealth

    Trusts: Prevent Beneficiary Designation Mishaps

    Wills and revocable trusts are the cornerstone of estate planning, learn how you may spend considerable time and money maintaining these documents.
  10. Retirement

    Profiling: It's Not Just For The FBI

    Learn how to quantify each client's specific dreams and create a realistic financial plan.
Trading Center