Liberty University BUSI352 quiz 7 complete solutions correct answers key

Liberty University BUSI352 quiz 7 complete solutions correct answers A+ work

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Question 1 Which of the following is an undivided ownership in the property that, upon death of one owner, automatically passes to the surviving owner? 1: Tenants by the Entirety 2: Tenants in Common 3: Community Property 4: Joint Tenancy with Rights of Survivorship

Question 2 If Priscilla died with each of the following property interests, which will be excluded from her probate estate?

Question 3 This estate planning tool will cause assets to be included in non­grantor holder’s gross estate.

Question 4 The first step in the estate planning process includes:

Question 5 A tenancy by the entirety may be terminated in which of the following ways? 1: Death, whereby the survivor takes the entire tenancy 2: Mutual agreement 3: Divorce, which converts the tenancy into a tenancy in common or a joint tenancy 4: Severance, whereby one tenant transfers his or her interest to a third party with or without the consent of the other tenant

Question 6 Which of the following items will be retitled through probate?

Question 7 Steve has been married to Louise for six years. They are about to buy their first home and have come to you with some questions that they have regarding titling of the home. In your explanation of the different property ownership arrangements, which of the following titling structures can only be entered into by spouses?

Question 8 The unrestricted ability to ultimately name beneficiaries of income and corpus of a trust is known as:

Question 9 Which type of will complies with the statutes of the domiciliary state and is drawn by an attorney?

Question 10 Trusts are general tools that are beneficial in many financial planning situations. Many trust benefits, such as asset protection and control, are appropriate considerations for a family with a special needs person. Which of the following is generally correct regarding special needs trusts?

Question 11 Divorce is a very emotional time for those who are going through it and assistance from a financial advisor is generally helpful. Which of the following are common mistakes that are made by those going through divorce?

Question 12 Jose created a joint bank account for himself and his friend, Amparo. At what earliest point has a gift been made to Amparo?

Question 13 A tenancy by the entirety may be terminated in which of the following ways? 1: Death, whereby the survivor takes the entire estate 2: Mutual agreement 3: Divorce, which converts the estate into a tenancy in common or a joint tenancy 4: Severance, whereby one spouse transfers his or her interest to a third party but requires the consent of the other spouse

Question 14 Of the following types of ownership, which is available for married couples? 1: Tenancy by the entirety 2: Tenancy in common 3: JTWROS 4: Tenants by marriage

Question 15 A spendthrift clause:

Which of the following is included in the definition of estate planning?
1. Asset management.
2. Accumulation of wealth.
3. Asset preservation.
Which of the following statements is the best definition of estate planning?

Which of the following does not need estate planning?
a. Tom, age 30, married with two minor children, and a net worth of $375,000.
b. Carly, age 35, never been married, one severely disabled son.
c. Michelle, age 45, single, has a net worth of $450,000 and two dogs.
d. All of the above need estate planning.

The first step in the estate planning process includes:

Tyrone does not want to write a will. It upsets him to contemplate his own death and he simply desires to avoid the estate planning process. All of the following are risks Tyrone’s estate may face due to Tyrone’s inaction, except:
Which the following is a risk of failing to plan for the estate?
1. Property transfers contrary to the client’s wishes.
2. The client’s family may not be provided for financially.
3. The estate suffers liquidity problems at the client’s death.
4. The estate may bear higher transfer costs.
Which the following is a risk of failing to plan for the estate?
1. Property transfers contrary to the client’s wishes.
2. The client’s family may not be provided for financially.
3. The estate suffers liquidity problems at the client’s death.
4. The estate may bear higher transfer costs.

Which of the following documents appoints a surrogate decision-maker for health care?
a. Durable power of attorney for health care.
b. General power of appointment.
c. Life insurance beneficiary designation.
d. All of the above.

Which type of will is handwritten and does not generally require a witness?

Which type of will complies with the statues of the domiciliary state and is drawn by an attorney?

While he was in the hospital, Emile told his wife that if he died he wanted to give his fishing tackle to his son, Joseph; his golf equipment to his son, Joshua; his truck to his daughter, Abigail; and everything else to her (his wife). Emile died the next day without writing anything that he told his wife, but a nurse and another patient were in the room and heard his declarations. What type of will does Emile have, if any?

Maxine is terminally ill. Her doctors gave her twenty-four months to live thirty-six months ago. Maxine has decided that she does not want to be placed on life support. Which document will direct Maxine’s doctors to refrain from putting her on life support?

Donald agreed to sell his house to his brother, but could not attend the closing date of the sale (act of sale). Of the following options, which would allow Donald’s mother to attend the closing and sign the necessary documents on Donald’s behalf?

Twenty-two years ago, Kyle and John began dating, and 19 years ago, they began living together. Last year, Kyle inherited over $9,000,000 from his grandfather. He wants to ensure that if he dies first, John will be taken care of for the rest of his life. Despite your insistence, Kyle does not have a will, and you have advised him previously that state intestacy laws do not protect same-sex partners. Which of the following asset ownership options would fulfill Kyle’s goal of transferring assets to John at his death?

Steve has been married to Louise for six years. They are about to buy their first home and have come to you with some questions that they have regarding titling of the home. In your explanation of the different property ownership arrangements, which of the following titling structures can only be entered into by spouses?

Of the following types of ownership, which is available for married couples?

If Priscilla died with each of the following property interests, which will be excluded from her probate estate?

Which of the following is a disadvantage of the probate process?

Which of the following is considered an advantage of the probate process?

Which of the following is not a party to a trust?

A spendthrift clause:

This estate planning tool will cause assets to be included in non-grantor holder’s gross estate:

Which of the following tasks are the primary responsibilities of the personal representative?

Which of the following does NOT relate to a will?