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MAKE ESTATE PLANNING QUIZZES GREAT AGAIN!

 

Question No. 1

Finish this sentence with best available answer:

The Federal Estate Tax is . .

A.   a tax on your right to inherit property from a decedent

B.   like a poopy butt

C.   a tax on your right to transfer property at your death, minus an exclusion for publicly traded securities

D.  a tax on your privilege to transfer property at your death

E.  a tax that beneficiaries pay when they inherit property, with certain exclusions

F.  tax on your right to transfer property at your death.

G.  a law, which was part of a larger statue, ATRA, passed by Congress and signed into law by President Obama in 2012

Question No. 2

What’s the best definition of “Gross Estate” in federal estate tax law?

A.  Ewwww! Gross. Your estate is totally grossed out to the max

B.  “Gross Estate” consists of cash and property like securities, real estate, insurance, trusts, annuities, business interests, and other assets, but does not include jewelry, antiques, artwork, and other types of personal property

C.  #MAGA!

D.  The “Gross” Estate is named after native Iowan, and respected lawyer, Doug Gross, of the Brown Winick Law Firm in Des Moines.

E.  The “Gross Estate” is named after native Iowan, and respected lawyer, Doug Gross, but he doesn’t work at that law firm, he works at a different law firm. I mean, come on, the guy’s a major cool dude, please get it right. You should know.

F.  “Gross Estate” consists of cash and property like securities, real estate, insurance, trusts, annuities, business interests, and other assets.

G.  The “Gross Estate” was a legal “term of art” which proved integral to the political viability of a new federal law, ATRA, which was passed by Congress and signed into law by President Obama in 2012

Question No. 3

True or False: Relatively simple estates (cash, publicly traded securities, small amounts of other easily valued assets, and no special deductions or elections, or jointly held property) do not require the filing of an estate tax return. 

 

A.   I refuse to answer, trick question.

B.   Completely False

C.   Utterly Ridiculous

D.   Are you even being serious here?

E.  #MAGA!

F.  Always True, without fail

G.  Mostly true

 

Question No. 4

The federal estate tax lifetime exclusion amount for 2016 is $2.45 million for an individual. Which is the best, most correct response?

A.  There no longer is a federal estate tax lifetime exclusion amount, this was abolished as part of a larger legislative overhaul, via ATRA, passed by Congress and signed into law by President Obama in 2012

B.  Not true, but the statement would be true if you substituted the word “couple” for the word “individual.”

C.  Not true, but the statement would be true if you substituted the word “family” for the word “individual.

D.  Sometimes true, sometimes not, depends on all of the individual facts and circumstances of each individual estate

E.  Not true, but the statement would be true if you substituted the sum “$1.45 million” for the sum “$2.45 million.

F.  Not true, but the statement would be true if you substituted the sum “$5.45 million” for the sum “$2.45 million.”

G.  The statement is illogical on its face.

Question No. 5

True or False: In addition to the Federal Estate Tax lifetime exclusion amount, there is also an annual gift-tax exemption, which is currently set at $14,000 per person.

A.  Always False!

B.  You playing me like a fool??

C.  There is no longer is a federal estate tax lifetime exclusion amount, nor an annual gift-tax exemption, these were abolished as part of a larger legislative overhaul, ATRA, passed by Congress and signed into law by President Obama in 2010.

D.  True, except the annual gift-tax exemption, is currently set at $314,000 per person.

E.  True, except the annual gift-tax exemption, is currently set at $114,000 per person.

F.   #MAGA!

G.  This statement is completely and totally true. So True! #TRUE!!!

Question No. 6

An important concept in the Federal Estate Tax Law is potential portability of “DSUEA.”

“DSUEA” stands for:

A.  #MAGA!

B.  “DSUEA” is longer part of the federal tax code, this was abolished as part of a larger legislative overhaul, ATRA, passed by Congress and signed into law by President Obama in 2010.

C.  Deceased Spouse’s Unilateral Examining Amount

E.  Divorced Spouse’s Unused Exemption Amount

F.  Dead Spouse’s Unified Exceptional All-commodity-rate

G.  Deceased Spouse’s Unused Exemption Amount

So? How’d you do? Save your answers and either email them to me or text them to me. I’d love to hear all about your thoughts of this quiz!

Most important, whether you aced this quiz, or not quite, we can all do one simple-but-powerful thing – we can all take control of our future by doing our estate planning.

GET my super helpful Estate Planning Questionnaire to get started – COMPLETELY FREE!

JUST EMAIL ME — Gordon’s email is
gordon@gordonfischerlawfirm.com 

OR, CALL ME, GORDON’S cell phone is 515-371-6077.

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