Estate Planning

Question 1

Americans on average live up to

Answer 1

77.9 years old

Question 2

Estate Planning is

Answer 2

A clear and complete plan of what should happen upon your death

Question 3

Living well means

Answer 3

A plan to care for someone who is young or incapacitated and cannot care for themselves

Question 4

Positive outcome 1

Answer 4

Provide for loved ones after you’re gone

Question 5

Positive outcome 2

Answer 5

Strengthen family relationships by giving them a path for them to follow

Question 6

Positive outcome 3

Answer 6

Reduce time, effort and costs for survivors

Question 7

Positive outcome 4

Answer 7

Leaves a legacy to family, organizations, institutions

Question 8

Trade Off

Answer 8

Giving up one thing for another

Question 9

How old must you be to start your estate planning in most states

Answer 9

18 years old

Question 10

Gaurdianship

Answer 10

Requires a legal document called a will

Question 11

Will

Answer 11

Determines guardians, money flow otherwise determined by court

Question 12

Attorneys

Answer 12

Can provide you insights for titling documents, wills, etc

Question 13

Accountants

Answer 13

Can help you determine net worth, see tax advantages

Question 14

Certified Financial Planners

Answer 14

Can help you diversify investments, protect assets

Question 15

Living Trust

Answer 15

trust in which you assign the management of your assets to a trustee while you are living

Question 16

Revocable living trust

Answer 16

living trust that can be dissolved

Question 17

Irrecoverable living trust

Answer 17

living trust that cannot be changed, although it can provide income to the grantor

Question 18

Living will

Answer 18

a document to inform your family of the type of care you want to receive if you become terminally ill

Question 19

Oral will

Answer 19

spoken testaments given before witnesses

Question 20

Testamentary will

Answer 20

formally prepared document signed in the presence of witnesses

Question 21

Holographic will

Answer 21

written without the presence of witness. Rarely hold up in court

Question 22

Healthy Giving

Answer 22

Giving out excess in your life

Question 23

Unhealthy Giving

Answer 23

Does not enhance the well being of both the receiver and giver

Question 24

Prepare for giving step 1

Answer 24

create a spending plan

Question 25

Prepare for giving step 2

Answer 25

Evaluate needs, wants and values

Question 26

Prepare for giving step 3

Answer 26

Assess your time

Question 27

Prepare for giving step 4

Answer 27

Plan for expenses

Question 28

Prepare for giving step 5

Answer 28

Avoid using credit fro giving

Question 29

Financial statements

Answer 29

Assess the overall financial position to evaluate pros and cons of giving and creates a plan for special events that involve giving

Question 30

Earning

Answer 30

Choose a career that can help you meet your giving goals

Question 31

Saving and Investing

Answer 31

Emergency savings should be established prior to giving and savings and investing are valuable avenues to give

Question 32

Risk Management

Answer 32

Ensure you have planned for life events and accounted for such expenses prior to giving

Question 33

You are better off in a community than by

Answer 33

yourself

Question 34

your present self impacts your

Answer 34

future self

Question 35

You are responsible for your present self and your

Answer 35

future self

Question 36

Investments helps manage risk and allows you to cope with

Answer 36

risk and uncertainty

Question 37

Grantor

Answer 37

A person who forms the trust and supplies and assets

Question 38

Trustee

Answer 38

A person named in the trust to administer the trust according to the terms and state trust law

Question 39

Beneficiary

Answer 39

The person for whose benefit the trust property is held by the trustee

Question 40

Intent from Grantor

Answer 40

Must have a valid legal purpose

Question 41

Property

Answer 41

Asses subject to the trust

Question 42

Estate

Answer 42

The assets of a deceased person after all debts are paid