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.   TRUE
B.   FALSE
Question #3
Which person is generally NOT automatically covered when the term children is used in a will?
A.   Adopted child
B.   Non marital child
C.   Stepchild
D.   Natural marital child
Question #4
Which is a tangible personal property?
A.   Cash
B.   Stocks and bonds
C.   Vacation home
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.   Continuing care retirement community
B.   Assisted living facility
C.   Skilled nursing home facility
D.   Nursing home
Question #6
Which of the following is not covered by Medicare?
A.   Prescription drugs
B.   Hospice care
C.   Long-term care expenses in a nursing home or at home
D.   Physician services
Question #7
Which is NOT a way to accomplish revocation?
A.   By Operation of law
B.   By intent
C.   By subsequent writing
D.   By physical act
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.   testimonium clause
B.   Appointment of personal and/or property guardian
C.   Provision for residue of estate
D.   Testamentary trust clause
Question #9
The passage of an intestate decedents property to the state when there is no surviving blood relative or a spouse
A.   legacy and bequest
B.   escheat
C.   testacy
D.   succession
Question #10
What is the name of an orally made will?
A.   holographic will
B.   nuncupative will
C.   statutory will
D.   living will

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