Questions from Personal Finance

Q: Under which procedure will you become fully vested most quickly—cliff

Under which procedure will you become fully vested most quickly—cliff or graded vesting?

Q: Discuss the importance and goals of estate planning. Explain why estates

Discuss the importance and goals of estate planning. Explain why estates often break up. Distinguish between the probate estate and the gross estate.

Q: What is the right of survivorship? What is community property and

What is the right of survivorship? What is community property and how does it differ from joint tenancy with regard to the right of survivorship?

Q: What is a living (inter vivos) trust? Distinguish between

What is a living (inter vivos) trust? Distinguish between a revocable living trust and in irrevocable living trust.

Q: Explain each of these terms: (a) grantor, (

Explain each of these terms: (a) grantor, (b) trustee, (c) beneficiary, (d) pour-over will, testamentary trust, and (f) irrevocable life insurance trust.

Q: What is a gift, and when is a gift made?

What is a gift, and when is a gift made? Describe the following terms as they relate to the federal gift taxes: (a) annual exclusion, (b) gift splitting, (c) charitable deduction, and (d) marital ded...

Q: Discuss the reasons estate planners cite for making lifetime gifts. How

Discuss the reasons estate planners cite for making lifetime gifts. How can gift giving be used to reduce estate shrinkage?

Q: Damon Bellamy has worked in the management services division of Niche Consultants

Damon Bellamy has worked in the management services division of Niche Consultants for the past five years. He currently earns an annual salary of about $120,000. At 33, he’s still a bachelor and has a...

Q: Explain the general nature of the federal estate tax. How does

Explain the general nature of the federal estate tax. How does the unified tax credit affect the amount of estate tax owed? What is the portability concept?

Q: Describe and discuss each of the techniques used in estate planning.

Describe and discuss each of the techniques used in estate planning.