Lesson Three Quiz:

Click on your response for the correct answer.

5. Life insurance policies owned by you:

A. are taxable in your estate at full face value Congratulations, correct answer.

B. pass free of all estate taxes Please try again.

C. are taxable to the death beneficiary Please try again.

6. Assets you own jointly with another person:

A. are subject to estate tax only when the surviving owner dies Please try again.

B. are included 50% in your estate if owned with a spouse Congratulations, correct answer.

C. are included in your probate estate Please try again.

7. Estate taxes should not be a concern if your taxable estate totals:

A. $2 million or less Please try again.

B. $5 million or less Congratulations, correct answer.

C. $12,920,000 or less Please try again.

8. The following items are not subject to federal estate tax:

A. dining room furniture Please try again.

B. gifts under $17,000 you make during life Congratulations, correct answer.

C. assets that you inherited Please try again.

9. People who don’t face estate taxes still need to plan for:

A. wise distribution of their estates Please try again.

B. probate costs and other estate expenses Please try again.

C. both A and B Congratulations, correct answer.

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