Lesson Five Quiz:

Click on your response for the correct answer.

5. IRAs may be reduced by:

A. federal and state estate taxes Please try again.

B. federal and state income taxes Congratulations, correct answer.

C. both A and B Please try again.

6. Estate tax deductions for charitable remainder trusts depend on:

A. how much income beneficiaries will receive Please try again.

B. how long the trust is to last Please try again.

C. both A and B Congratulations, correct answer.

7. If you name a charity as contingent beneficiary of an IRA:

A. heirs may decide whether the gift is appropriate Congratulations, correct answer.

B. a benefit for charity is guaranteed Please try again.

C. charity automatically receives half the account Please try again.

8. Leaving U.S. savings bonds to a charitable remainder trust:

A. is prohibited by the U.S. treasury Please try again.

B. may reduce both income taxes and estate taxes Congratulations, correct answer.

C. avoids probate Please try again.

9. The following assets can be left to a charity without changing a will:

A. life insurance Please try again.

B. savings accounts, CDs and brokerage accounts Please try again.

C. both A and B Congratulations, correct answer.

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Thank you for completing the five estate planning lessons. We hope the ideas presented will be helpful to you and your family. If you have decided to make a gift through your estate plan, perhaps as a result of the information provided in the lessons, we encourage you to call our office or drop us a note and share the good news. You will brighten everyone’s day! And if we can answer any questions about planned gifts and bequests for our future, please call our office. Remember that we can provide you with personalized illustrations of the tax and financial benefits of any contribution plan.