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Chapter 5 - Estate Planning Tools and Tax Considerations
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1
When someone buys _________________ life insurance they are actually paying for two things.
A)whole
B)permanent
C)universal
D)term
2
_________________ trusts are one means to reduce or eliminate estate tax.
A)Revocable living
B)Credit shelter
C)Irrevocable living
D)Marital deduction
3
Courts have consistently held that the law favors _________________ trusts.
A)bypass
B)qualified terminal interest property
C)charitable
D)spendthrift
4
The beneficiary of a(n) _________________ trust only has the right to the income paid under the trust and cannot assign her rights to unearned income or the trust principal.
A)life insurance
B)charitable remainder
C)spendthrift
D)sprinkling
5
A _________________ trust is created by married couples to reduce or eliminate estate taxes.
A)life insurance
B)pet
C)credit shelter
D)pour-over
6
Insureds purchase _________________ life insurance for a set number of years.
A)whole life
B)universal
C)permanent
D)term
7
The value of the _________________ is the key factor in how much probate will cost.
A)trust
B)insurance
C)estate
D)will
8
Because of the marital deduction trust, a husband could have a _________________ estate and leave the entire amount to his spouse without any payment of estate taxes.
A)$4,000,000
B)$400,000
C)$4,000
D)$40,000
9
A(n) _________________ trust is a clause in a will that leaves the residuary of an estate to the trustee to an existing trust.
A)irrevocable living
B)precatory
C)pour-over
D)AB
10
A(n) _________________ power of appointment gives the holder of the power the right to determine who will receive the benefits of the decedent's estate.
A)general
B)special
C)donee
D)estate





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