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CH 18 -19 Test

Enter the letter for the matching
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1.
type of will does everything pass to your spouse, with the exception of an amount equal to the exemption, which passes into trust?
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2.
following expenditures for retirees is likely to increase
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3.
documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law
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4.
Financial planning for retirement vitally important?
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5.
-Reverse annuity mortgage
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6.
will should be written, dated, and signed entirely in your own handwriting?
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7.
legal document authorizing someone to act on your behalf is called a:
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8.
employer retirement plan specifies the benefits promised to the employee at the normal retirement age?
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9.
When you are nearing retirement, it is a good idea to:
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10.
In estate planning, if you are married:
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11.
leaves one half of your adjusted gross estate to your spouse outright as a marital share?
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12.
retirement plan be updated once in a while
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13.
common misconceptions about retirement?
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14.
how many years should you expect to spend in retirement
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15.
The maximum tax rate on estates and gifts:
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16.
You can determine your net worth by:
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17.
Estate planning has two parts. The first part consists of:
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18.
When do you apply for Social Security? x
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19.
expenditures for retirees is likely to decrease
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20.
How many months after your death is the federal estate tax due and payable in cash?
A.
expenses will drop; retirement will only last 15yrs; depend on SS
B.
holographic will
C.
defined-benefit plan
D.
exemption trust will
E.
You can expect to spend about 16 to 30 years in retirement.
F.
health insurance; medical expenses
G.
is gradually declining, but will increase dramatically in 2011 unless Congress intervenes.
H.
decrease the face value of your life insurance.
I.
building your estate through savings, investments, and insurance.
J.
9
K.
clothing expenses;  federal income taxes
L.
3 months before you retire
M.
When a lender uses your house as collateral to buy an annuity for you from a life insurance company,
N.
traditional marital share will
O.
You can expect to live in retirement for many years.; Social Security and private pension may be insufficient to cover the cost of living. ; Inflation may diminish the purchasing power of your retirement savings.
P.
power attorney
Q.
subtracting your liabilities from your assets.
R.
yes
S.
prenuptial agreement.
T.
your situation becomes more complex, and the need for orderliness and clarity becomes greater.
Type the that corresponds to the displayed .
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21.
will is usually prepared with an attorney's assistance?
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22.
selected to receive the assets of his brother Kyle in the event of Kyle's death.
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23.
document explains, adds, or deletes provisions in your existing will?
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24.
person who assumes the responsibilities of providing the children with personal care and managing the estate
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25.
A person who will follow your instructions specified in your will is called a(n)
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26.
His contributions are tax deductible
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27.
type of annuity is generally purchased by people of retirement age?
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28.
type of housing is designed to allow people to stay in their homes as they grow older?
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29.
person or institution that holds or generally manages property for the benefit of someone else under a trust agreement
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30.
His contributions are not tax deductible but earnings accumulate

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