Fin 6934 Exam 1

Which of the following statements regarding fee simple or absolute ownership of property is CORRECT? I. Fee simple ownership gives the owner only a lifetime right to use, possess or dispose of the property. II. Fee simple ownership gives the owner only a right at death to dispose of the property.

Neither I nor II

Stella transferred a residence that was in her sole name to her and her four children as joint tenants with right of survivorship to avoid probate of this asset. No child provided any consideration for this transfer. When Stella dies, what percentage of the fair market value of this asset must be included in her gross estate?

100% because only Stella contributed to the acquisition cost of the asset, under the consideration furnished rule, she furnished all consideration.

Sam and Sue paid $100,000 for their home five years ago. Its fair market value was $150,000 when Sam died. What was Sue's basis in the home after Sam's death if the home was held as community property?

150,000; both halves of community property receive a stepped-up basis equal to fair market value at the death of the first spouse

Jack and Diane, a married couple, recently purchased a vacation home in their state of residence, which is a community property state. Assuming Jack dies, what percentage of the total ownership interest in the vacation home can Jack transfer under his will?

50%

Which of the following is a tax-related financial goal? A) Deferring the recognition of gain B) Maximizing benefits for a surviving spouse C) Maintaining a satisfactory standard of living D) Minimizing non-tax transfer costs

A) Deferring the recognition of gain

Which of the following is a common mistake people make regarding estate planning? A) Failing to avoid ancillary probate B) Minimizing the costs of estate administration C) Reviewing how assets are titled D) Creating a source of liquidity of a closely held business interest

A) Failing to avoid ancillary probate

Elizabeth and Tyler have been clients of yours for many years. In a recent meeting they share that in the last year three new grandchildren have joined the family. You recommend reviewing their beneficiary designations. This is an example of avoiding which of the following? A) Improperly arranged life insurance B) Improper disposition of assets C) Failure to avoid ancillary probate D) Lack of estate liquidity

A) Improperly arranged life insurance

Pele LaTerneau, who lives in a common law state, would like to make his brothers and sister part owners of the large farm holdings that he has acquired. He would like to give each of them an equal share while alive. If any of the owners were to die, he wants the remaining owners to assume the deceased's ownership rights. Given Pele's goals and situation, what is the most appropriate way for him to title the farm holdings for his brothers and sister? A) In joint tenancy with right of survivorship B) As tenants in common C) As community property D) As tenants by the entirety

A) In joint tenancy with right of survivorship

Which of the following is a tax goal related to transfer taxes? A) Leveraging the use of exclusions, exemptions, reductions, and credits B) Shifting the taxation of income C) Shifting the receipt of income D) Deferring the recognition of income and gain

A) Leveraging the use of exclusions, exemptions, reductions, and credits

Belinda died without a valid last will and testament. All of her property was owned in her sole name. Which of the following goals did Belinda NOT achieve by electing this method of estate transfer at death? A) Maintaining postmortem liquidity B) Avoiding probate C) Providing estate beneficiaries with a stepped-up basis in estate assets] D) Maintaining premortem liquidity

A) Maintaining postmortem liquidity Dying intestate, she will provide estate bens with stepped up basis and maintain control of and therefor liquidity before she dies. Entire estate going through probate means less liquidity posmortem because any liquidations will need court approval. Soley-owned assets always go through probate with or without will.

Kevin and Carol are spouses who live in a community property state. Which of the following assets would NOT be considered community property? A) Municipal bonds inherited by Carol from her father during their marriage B) A stock portfolio Carol purchased during their marriage with her salary C) Their home, which they purchased during their marriage using the salaries from both of their jobs D) General Motors stock purchased during their marriage; Kevin purchased the stock out of his salary

A) Municipal bonds inherited by Carol from her father during their marriage

Jackie and Carmen are sisters who own real estate together. Jackie owns an undivided 35% interest in the property and Carmen owns an undivided 65% interest. Jackie and Carmen both have the right to sell their interest in the property or to leave their interest to anyone they choose under their wills. Which of the following describes this form of concurrent ownership? A) Tenancy in common B) Community property C) Tenancy by the entirety D) Joint tenancy with right of survivorship

A) Tenancy in common

What form of property ownership gives a right to possess and enjoy property for a fixed period? A) Term of years B) Fee simple estate C) Estate in fee simple absolute D) Life estate

A) Term of years

Which if the following is a non-financial goal? A) Asset protection B) Preserving business value C) Maximizing flexibility D) Minimizing non-tax transfer costs

A) asset protection

David Norwood and his brother, George, are planning to buy a duplex together. Because each wants to be sure that his children eventually will inherit his ownership interest, the most appropriate form of property ownership is A)Tenancy in common. B)community property. C)joint tenancy with right of survivorship. D)tenancy by the entirety.

A) tenancy in common

Decedent-owned property is titled as tenancy by the entirety. What is the effect of this ownership interest for estate tax purposes? A) The amount included in the gross estate is 100% of the asset value B) Decedent is deemed to own half of the property, which will be included in decedent's estate C) Property titled as tenants by the entirety is not included in decedent's gross estate. D) the amount included in the gross estate is determined by decedents contribution to the property

B) Decedent is deemed to own half of the property which will be included in decedent's gross estate

Benjamin, who is unmarried, lives in Illinois and owns his home. He also owns a second home in Florida and has several liquid assets. Benjamin's goal is to leave all of his assets, including the two residences, to his brother, Daniel, while incurring the least amount of transfer tax and administration fees as possible. Benjamin is currently the sole owner of each property. As his planner, you recommend that he consider a revocable trust and title the Florida property in the name of the trust to avoid the administrative costs of an ancillary probate in Florida. Since Benjamin's goal is to reduce taxes, placing the property in joint tenancy with his brother would not be advisable since a gift tax liability would be incurred. Benjamin can also place his Illinois residence and his other assets in trust to avoid probate and reduce the estate administration fees and costs. This is an example of avoiding which of the follo

B) Failure to minimize taxes and costs

Which of the following is not a broad category personal of financial planning goals? A)Non-financial goals B)Funding the collegiate education of a grandchild C)Financial tax goals D)Financial non-tax goals

B) Funding the collegiate education of a grandchild

Which of the following is an aspect of a client's estate that should be analyzed in Step 3 of the estate-planning process? A)Disclosure of any material conflicts of interest B)Identifying how titles to properties are held C)Identifying services to be provided D)Determining the clients responsibilities

B) Identifying how titles to properties are held

Which of the following is a financial goal? A) The efficient transfer of assets at death B) Maximizing benefits for a surviving spouse C) Meeting the needs of dependents D) Control of assets

B) Maximizing benefits for a surviving spouse

Which of the following is a non-financial goal? A) Maintaining a satisfactory standard of living B) Meeting the needs of dependents C) Preserving business value D) Shifting the taxation of income

B) Meeting the needs of dependents

Which of the following are considered to be community property when owned by spouses while living in a community property state? A)Property acquired by one spouse by inheritance B)Property acquired through the efforts of either spouse during their marriage C)Property acquired by one of the spouses by gift D)Property acquired by one spouse before marriage

B) Property acquired through the efforts of either spouse during their marriage

All of Mark Howard's property has been placed into a revocable trust. Mark is the trustee of this trust until he dies or becomes incompetent. Mark, his spouse, and his children are all income beneficiaries of the trust, with income to be distributed at the trustee's sole discretion. At Mark's death or his incompetency, his spouse is appointed successor trustee. The trust is to continue until his spouse's death, when the trust assets are to be distributed per capita at each generation to Mark's surviving descendants. Which one of the following correctly identifies advantages or disadvantages Mark can achieve by using this method of estate transfer at death? A) Shifting taxation of income produced by the trust assets B) Providing a stepped-up basis in estate assets to the beneficiaries of his estate C) Freezing the value of his assets for estate tax purposes D) protecting estate assets from the claims of his creditor

B) Providing a stepped up basis in estate assets to the beneficiaries of his estate All others are incorrect because the trust is revocable

Which of the following forms of property ownership provides a right of survivorship when an owner dies? A) Tenancy in common B) Tenancy by the entirety C)Fee simple D) Community Property

B) Tenancy by the entirety

Jim LaFranz, who lives in a common law state, would like to place his new bride on the title to a residence that is currently in his own name. His goals regarding this residence and the transfer are - he does not want the transfer to cause him to use any of his gift tax applicable credit amount; - he wants to be able to use the annual exclusion for the transfer; - he wants the survivor of himself and his wife to receive title to the deceased spouse's interest in the residence; - he does not want his wife to be able to convey her interest in the residence without his consent; and - he does not want more than 50% of the fair market value of the house to be included in his gross estate if he is the first to die. - On the death of the first spouse, he does not want the residence to be subject to a probate proceeding. What is the most appropriate way for Jim to title the residence when he makes the transfer? A) Communit

B) Tenants by the entirety Comm prop and Ten in common dont automatically pass his share to his spouse.

Pele LaTerneau, who lives in a common law state, would like to make his brothers and sister part owners of the large farm holdings that he has acquired. Because the holdings operate best as a unit, he would like to keep the individual holdings together. His siblings have different needs, so he would like to give them variable amounts: 10% to Ramon, 25% to Felix, and 18% to Juanita. Given Pele's goals and situation, what is the most appropriate way for him to title the farm holdings for his siblings? A)As tenants by the entirety B)As tenants in common C)As community property D)In joint tenancy

B) as tenants in common

Each of the following are characteristics of the tenancy by the entirety form of property ownership except A) property that is owned only by spouses B) property that is owned by more than two individuals C) property that transfers by the right of survivorship D) property that features creditor protection from the claims of each spouse's separate creditors, but not joint creditors.

B) property that is owned by more than two individuals

Antwan consults a CFP® professional for advice concerning a fishing cabin he plans to purchase with his brother. Antwan and his brother want to share ownership of the cabin, but they are unsure whether they should take title as tenants in common or as JTWROS. Which of the following information should the CFP® professional obtain before making a recommendation to Antwan? I. How much each brother plans to contribute toward the purchase price of the cabin II. Whether Antwan wants to pass his interest in the cabin under his will when he dies

Both I and II

Norman owns property as tenants in common with his brother James. Norman has a 30% interest and James has a 70% interest. Which of the following statements are correct? I. During Norman's lifetime he can sell or transfer his 30% interest to anyone of his choosing. II. At the death of James he may leave his 70% interest to anyone through his will.

Both I and II

Which of the following describe possible consequences of failing to consider business planning as part of the estate planning process? I. The illiquidity of the business may delay the completion of the administration of the estate. II. The absence of a buy-sell agreement creates the risk of the business interest being inherited by or sold to parties unfamiliar with the business.

Both I and II

Eduardo has been a client of yours for many years. You met him shortly after he was married and continued to do so after his divorce. Recently he shared with you that he is getting remarried. You share that the two of you should review his documents to ensure they align with his goals now. This is an example of avoiding which of the following mistakes, pitfalls, or weaknesses? A) Lack of estate liquidity B) Improper titling of assets C) Failure to recommend necessary changes to a will D) Improperly arranged life insurance

C) Failure to recommend necessary changes to a will Key word: Documents

The largest and most complete interest in property that one can own is A) Life estate B) A remainder C) Fee simple D) a reversion

C) Fee simple

Which of the following is a non-tax related financial goal? A) Shifting the receipt of income B) Obtaining a stepped-up basis C) Maintaining adequate pre and postmortem liquidity D) Deferring recognition of income

C) Maintaining adequate pre and postmortem liquidity

Which of the following is a financial goal? A) Efficient transfer of assets at death B) Maintaining control of assets C) Preserving business value D) Asset protection

C) Preserving business value

Two sisters plan to purchase an office building together. One sister will contribute 80% of the purchase price, and the other will contribute 20%. The sisters want title to the property to reflect their respective ownership shares of 80% and 20%, and they want the ability to leave their interests to whomever they choose under their wills. Which of the following forms of property ownership will meet the sisters' objectives? A) Community property B) Joint tenancy with right of survivorship (JTWROS) C) Tenancy in common D) Tenancy by the entirety

C) Tenancy in common

Your client and his wife are residents of a community property state and recently have acquired a real estate tract there. They want to leave their respective interests in this tract to the surviving spouse when one of them dies and would like to minimize income taxes on this disposition when the tract is sold by the surviving spouse. If your client is the first spouse to die, which one of the following correctly states an advantage of holding the property as traditional community property? A) Your client's share of the property will receive a step-up in basis B) Your client's interest will pass to his wife outside of probate C) The entire property will receive a step-up in basis upon his death D) your client's interest will pass to his wife by right of survivorship.

C) The entire property will receive a step-up in basis upon his death

Which of the following is a tax-related financial goal? A) maintaining liquidity B) Maintaining a satisfactory standard of living C) Obtaining a stepped-up basis D) Avoiding ancillary probate

C) obtaining a stepped-up basis

Which of the following is a tax goal related to transfer taxes? A) Maintaining a satisfactory standard of living B) Obtaining a stepped-up basis C) Maximizing benefits for a surviving spouse D) Freezing the value of assets subject to tax

D) Freezing the value of assets subject to tax

Ryan assumed that his interest in a motor home he owned with his brother, and that was titled as joint tenants with right of survivorship, would go to his son by a provision in Ryan's will. He was flabbergasted when a CFP® certificant informed him that if he died first, his interest would go to his brother, pursuant to the joint tenancy ownership rather than pursuant to his will. Which of the following is an example of a mistake, pitfall, or weakness? A) Failure to avoid ancillary probate B) Lack of estate liquidity C) Improperly arranged life insurance D) Improper disposition of assets

D) Improper disposition of assets

Which of the following statements concerning income earned by spouses in a community property state is correct? A) Income earned by each spouse is separate property B) Income earned by each spouse after marriage is considered community property only if it is commingled C) Income earned by each spouse prior to and after marriage is considered community property D) income earned by each spouse after marriage is considered community property

D) Income earned by each spouse after marriage is considered community property

Your client and his wife plan to purchase a new home. They want a form of property ownership that -will transfer title at death outside the probate process -will allow each spouse, while alive, to have a vested one-half interest in the property -guarantees that the surviving spouse will receive the property when the other spouse dies -and allows lifetime disposition by one spouse of their property interest without requiring the consent of the other spouse What is the form of titling that will best achieve all of their objectives? A) Tenancy by the entirety B) Community property C) Tenants in common D) Joint tenants with right of survivorship

D) Joint tenants with right of survivorship Community property and tenants in common do not guarantee that spouse will receive the property. Tenancy by the entirety requires spousal consent to dispose of the property.

Assuming that a decedent left no valid last will and testament, which of the following assets will pass by the laws of intestate succession? A) Property held by decedent and his brother as joint tenants with right of survivorship B) Property held by the decedent and his spouse as tenants by the entirety C) Property in which a decedent had a life estate in a vacation home with the remainder to decedent's sister D) Property held by the decedent and his spouse as traditional community property

D) Property held by the decedent and his spouse as traditional community property All remaining options are will substitutes and do not expose property to probate.

Jack owns a vacation home in another state. Jack wants to include his new wife, Emma, on the title to the vacation home. His primary concern is to avoid probate without making it possible for Emma to dispose of the property prior to his death without his consent. Which one of the following statements concerning the most appropriate form of titling and the corresponding rationale is CORRECT? A) Joint tenancy with right of survivorship (JTWROS) will prevent lifetime disposition without Jack's consent. B) Tenancy in common with Emma will eliminate the need for ancillary probate. C) Sole ownership enables Jack to leave the home to Emma outside of probate. D)Tenancy by the entirety will prevent lifetime disposition without Jack's consent.

D) Tenancy by the entirety will prevent lifetime disposition without Jack's consent.

All of the following are characteristics of tenancy by the entirety except A) it is a form of joint tenancy with right of survivorship (JTWROS). B) it provides protection against the claims of each spouse's separate creditors (but not joint creditors). C) it can exist only between spouses. D) it is recognized in all states.

D) it is recognized in all states

Which of the following statements regarding the community property system is CORRECT? A)Moving from a common law state to a community property law state automatically changes the nature of ownership of the property. B)Most states follow the community property system. C)Moving from a community property state to a common law state automatically changes the nature of ownership of the property. D)The community property system generally assumes property acquired during the marriage belongs equally to both spouses.

D) the community property system generally assumes property acquired during the marriage belongs equally to both spouses

Which of the following is true of community property? I. Assets inherited by one spouse during the marriage generally are not community property II. the community property system generally assumes that assets acquired during marriage belong equally to bothy spouses III. Community property usually avoids probate IV. Assets acquired by either spouse before marriage generally become community property under their marriage

I and II

Which of the following statements regarding community property is CORRECT? I. Assets inherited by one spouse during marriage generally are not community property. II. Assets purchased with community assets by either spouse during marriage are community property. III. Community property avoids probate when the first spouse dies. IV. Assets acquired by either spouse before marriage generally become community property upon their marriage.

I and II

Which of the following statements regarding the attributes of property owned solely by one person is correct? I. The max ownership interest a person may have is known as fee simple or absolute ownership II. A lease is an example of a term for years

I and II

Which of the following statements regarding property held as joint tenants with right of survivorship (JTWROS) is CORRECT? I. Under a joint tenancy, each owner has an undivided interest in the property. II. Joint tenancies may only be established between spouses. III. All joint tenants have the right to sever their interest in the property without the consent of the other joint tenant(s). IV. A will is necessary to pass a joint tenant's interest in the property to the other joint tenant at death.

I and III

Your client, age 74, has an estate consisting of solely owned assets valued at $4.5 million. His will, drafted in 2012, leaves his entire estate to his spouse. No contingent beneficiary is named, and the will has no residuary clause. He would like his children to receive a tract of land worth $1 million that is located in an out-of-state resort area. Your client has made $300,000 in adjusted taxable gifts to date. Which of the following are pitfalls that can be avoided if your client takes the actions described? I. He can avoid subjecting the estate to an ancillary probate procedure by placing the out-of-state property in joint tenancy with right of survivorship with his children. II. He can avoid subjecting the estate to probate by amending his will to place all of his assets in an irrevocable bypass trust. III. He can avoid causing part of the estate to pass to unintended beneficiaries by amending his will to

I and III

Ellen's primary estate distribution objective is to have her assets avoid probate when she dies. Which of the following types of property ownership will meet her objective? I. Joint tenancy with right of survivorship (JTWROS) II. Tenancy in common III. Fee simple (outright ownership)

I only

Which of the following statements regarding a rental property owned jointly with right of survivorship is correct? I. A gift is made when the name of the noncontributing joint owner (the donee) is added to the deed II. The gift tax consequences with JTWROS are identical regardless of whether the tenants are spouses

I only

Which of the following statements regarding community property is CORRECT? I. Each spouse is deemed to own a one-half interest in property acquired during the marriage regardless of which spouse acquired, earned, gained, or is otherwise responsible for ownership of the property. II. Property inherited by or gifted to an individual spouse during marriage is considered community property.

I only

Which of the following statements regarding tenancy in common is CORRECT? I. A right of partition is inherent in a tenancy in common. II. Tenants in common must own equal fractional interests in the property.

I only

Which of the following statements regarding community property is correct? I. Community property can exist only between spouses II. Community property includes a right of survivorship at the death of the first spouse

I only; community property can be willed to anyone

Daniel, age 70, consults a CFP® professional for help with his estate plan. He tells the CFP® professional that he owns substantial assets, all titled in his name alone, and that he is married to Roberta, who is 60 years old. Daniel and Roberta have no children together, but Daniel has two children from a prior marriage. Daniel tells the CFP® professional that he wants to ensure that Roberta has sufficient income to support herself if he should die first and that he wants to minimize the estate tax payable when he dies to the extent possible. Which of the following additional information should the CFP® professional obtain before making a recommendation to Daniel? I. The value of Daniel's assets II. Whether Roberta has any sources of income and, if so, their amounts III. Whether Daniel wants any of his assets to ultimately pass to his children IV. Whether Roberta is a U.S. citizen

I, II, III, IV

Gil and Tina are newlyweds who live in a community property state. Assuming no titling changes were made, which of the following assets would be separate property? I. A parcel of land owned by Gil prior to marriage II. An antique desk Tina inherits from her aunt during the marriage III. A money market account gifted to Gil before marriage

I, II, and III

Which of the following are characteristics of community property? I. A joint interest is held by spouses. II.Upon the death of a spouse, both halves of community property receive a stepped-up basis. III. One-half of the value of community property is a probate asset when the first spouse dies. IV. There is a right of survivorship for each spouse.

I, II, and III

Which of the following statement regarding the relationship between a CFP certificant and a client are correct? I. All CFP certificants must disclose to clients the compensation that any party to the agreement could receive under the agreements II. All CFP certificants owe a client the duty of care of a fiduciary when providing financial planning to a client III. A CFP ceritificant must disclose terms under which the agreement permits the certificant to offer proprietary products IV. The CFP certificant should disclose their political affilitation

I, II, and III

Which of the following statements regarding tenancies in common are CORRECT? I. Property is owned concurrently by 2 or more people. II. Each tenant's share is an undivided part of the entire property. III. There are no survivorship rights. IV. The interests must be owned in equal percentages.

I, II, and III

Which of the following statements regarding property owned as joint tenancy with right of survivorship (JTWROS) is CORRECT? I. Each tenant owns an equal fractional share in the property. II. Joint tenants have the right to sever their interests in the property during life without the consent of the other joint tenant(s). III. Upon the death of one joint tenant, the property passes as directed by the decedent's will. IV. JTWROS property avoids probate

I, II, and IV

Luis consults a CFP® professional for help in formulating an estate plan. Luis's primary objective is to avoid probate when he dies. Among his assets are a traditional IRA and the house he lives in. In helping Luis meet the specific goal of avoiding probate, the CFP® professional would consider which of the following items of information? I. Luis's statement of financial position II. Beneficiary designation forms for the IRA III. Whether Luis has any children IV. The deed to Luis's house

I, II, and IV; whether Luis has children has no bearing on whether his estate will avoid probate.

Several of the steps involved in the estate planning process are I. Understanding the client's personal and financial circumstances II. Implement the recommendation(s) III. Identify and select goals IV. Develop the recommendation(s) What is the correct sequence of these steps?

I, III, IV, II

Bill Donnelly's estate paid $8,175 in fees to appraisers and $2,380 in medical bills from his last illnesses that were not covered by his medical insurance. Bill's spouse, who was the personal representative of his estate, elected not to take the $5,000 fee to which she was entitled by statute. Bill's estate did pay his spouse the $705,000 to which she was entitled by virtue of her demand to receive an elective share under the appropriate state statute. Which of the following items may be deducted from Bill's gross estate to calculate his taxable estate? I. $8,175 in appraisal fees II. $5,000 personal representative fee III. $2,380 in medical bills IV. $705,000 elective share

I, III, and IV

Which of the following correctly describe a mistake, pitfall, or weakness and actions that can be taken to avoid such problems? I. If a client has recently remarried, updating the will and powers of attorney is necessary. II. If a person is the sole owner of real estate in a state other than the state of his or her domicile, the person can avoid ancillary probate by executing a new will that leaves such property to a trust. III. If the testator of a will wants to restrict his adult children's access to their inheritance after his death, the testator should place their share of the estate into a trust established under the will which includes the limitations on distributions desired. IV. To minimize the costs of estate administration, will substitutes such as completion of beneficiary designation forms should be considered.

I, III, and IV

Which of the following statements regarding property owned as joint tenancy with right of survivorship (JTWROS) are CORRECT? I. Ownership is transferred to the surviving joint tenant by operation of law when one owner dies. II. JTWROS property can be owned by spouses only. III. The property passes outside of probate when one owner dies. IV. A portion of the property may be included in a deceased owner's gross estate

I, III, and IV

Several of the steps involved in the estate planning process are I. identify and select goals, II. monitoring progress and updating, III. develop the appropriate technique, IV. analyze potential alternate courses of action. Which is the correct sequence?

I, IV, III, II

Two friends are planning to purchase a fishing lodge together. One friend will contribute 75% of the purchase price, and the other will contribute the rest. They prefer that the purchase of the lodge not generate any gift tax consequences for either of them. In addition, each friend has a will leaving all of his assets to his surviving spouse. They both want their interest in the property to pass under their will when they die. Which of the following forms of ownership would meet all of the friends' objectives? I. Joint tenancy with right of survivorship (JTWROS) II. Tenancy in common

II

Which of the following forms of ownership do NOT pass through probate when an owner dies? I. Fee simple II. Tenancy by the entirety III. Community property IV. Joint tenancy with right of survivorship (JTWROS)

II and IV

In which of the following types of co-ownership does a deceased owner's share pass automatically to the surviving owner(s) at death? I. Tenancy in common II. Tenancy by the entirety III. Community property

II only

Which of the following forms of ownership may be held by spouses only? I. Tenancy in common II. Joint tenancy with right of survivorship III. Tenancy by the entirety IV. Community property

III and IV

Which of the following property ownership arrangements are limited to spouses only? I. Tenancy in common II. Joint tenants with right of survivorship III. Tenancy by the entirety IV. Community property

III and IV

Several of the steps involved in the estate planning process are : I. Develop the recommendation(s) II. Implement the recommendation(s) III. Identify and select goals IV. Analyze potential alternate courses of action What is the correct sequence of steps?

III, IV, I, II

Several of the steps involved in the estate planning process are I. implement the appropriate technique, II. develop the appropriate technique, III. identify and select goals, and IV. understanding the client's personal and financial circumstances. What is the correct sequence?

IV, III, II, I

Billy owned a piece of undeveloped land (valued at $100,000) in San Jose, California, with his three brothers as tenants in common. If Billy dies, what value will be included in Billy's gross estate?

It cannot be determined from the information gives, as tenants in common may own unequal shares

Which of the following statements about a life estate in real estate is CORRECT? I. A life estate is a partial interest in property giving someone the right to possess and enjoy the property for an individual's lifetime. II. A life estate may be for a term for years entitling the owner to posses or enjoy the property for a fixed period of time.

both I and II