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Quiz Questions for Session 6:
Effective Use of Estate Planning Concepts

Question 1:

Albert & Bob are brothers and they own a home in Manoa as joint tenants. Upon the death of Albert, who will become owner of the property?

A) Albert's wife
B) Albert's heirs (wife and children)
C) Bob
D) All of the above

Question 2:

Carolyn is single and owns an apartment in Makiki in her individual name. Carolyn's daughter, Diane, lives with her. Who will become the owner of the apartment after Carolyn's death?

A) Person named as beneficiary in Carolyn's Last Will and Testament
B) Person named as beneficiary in Carolyn's revocable living trust
C) Diane, Carolyn’s daughter
D) Carolyn’s father and mother

Question 3:

Elaine owns a house in Nuuanu worth $1.5 million and has a life insurance policy worth $1 million. Upon Elaine's death in 2006, will her estate be subject to estate taxes?

A) No, because life insurance is not subject to estate taxes
B) No, because the value of her taxable estate is under the exclusion amount
C) Yes, because the value of her taxable estate will likely exceed the exclusion amount
D) None of the above

 

 

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