Lesson One Quiz:

Click on your response for the correct answer.

5. With regard to finances, spouses should:

A. delegate all money matters to the wife Please try again.

B. always file separate tax returns Please try again.

C. educate each other on income/outgo Congratulations, correct answer.

6. A living will allows you to:

A. decide who gets what from your estate Please try again.

B. distribute your estate during life Please try again.

C. express medical treatment preferences Congratulations, correct answer.

7. Lifetime gifts are free of gift tax:

A. up to $17,000 per year per donee ($34,000 for spouses) Congratulations, correct answer.

B. if made to children Please try again.

C. up to $10,000 per year per donee ($20,000 for spouses) Please try again.

8. Life insurance and jointly owned property:

A. are always free of death taxes Please try again.

B. pass outside your will Congratulations, correct answer.

C. become part of your probate estate Please try again.

9. Persons who can be executors include:

A. friends and family members Please try again.

B. banks, trust companies and attorneys Please try again.

C. both A and B Congratulations, correct answer.

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