Liberty BUSI 352 Quiz 7 Answers Complete Solutions

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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

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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: