Accounting 175 - Estate Gift and Trust Taxation » Spring 2021 » Week 4 Test
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Question #1
Once executed, a will can be revoked only by changing it or writing an entirely new will.
A.
FALSE
B.
TRUE
Question #2
An agent is required to help with the purchase of long-term care insurance.
A.
FALSE
B.
TRUE
Question #3
Which person is generally NOT automatically covered when the term children is used in a will?
A.
Natural marital child
B.
Non marital child
C.
Adopted child
D.
Stepchild
Question #4
Which is a tangible personal property?
A.
Stocks and bonds
B.
Vacation home
C.
Cash
D.
Automobiles
Question #5
Which is a Medicare qualified facility that specialized in skilled care or rehabilitation services under the supervision or license nurses and based on a doctors orders?
A.
Nursing home
B.
Skilled nursing home facility
C.
Continuing care retirement community
D.
Assisted living facility
Question #6
Which of the following is not covered by Medicare?
A.
Prescription drugs
B.
Physician services
C.
Long-term care expenses in a nursing home or at home
D.
Hospice care
Question #7
Which is NOT a way to accomplish revocation?
A.
By physical act
B.
By intent
C.
By subsequent writing
D.
By Operation of law
Question #8
Which part of a will names the person whom the testator wishes to care for his/her events of the testators death?
A.
Testamentary trust clause
B.
Appointment of personal and/or property guardian
C.
testimonium clause
D.
Provision for residue of estate
Question #9
The passage of an intestate decedents property to the state when there is no surviving blood relative or a spouse
A.
succession
B.
escheat
C.
testacy
D.
legacy and bequest
Question #10
What is the name of an orally made will?
A.
nuncupative will
B.
living will
C.
holographic will
D.
statutory will
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