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DO YOU KNOW...?
(WILLS, TRUSTS AND ESTATE PLANNING)

1.

When I die, the federal government will tax all of my assets.

TRUE    FALSE

2.

If I give my assets away while I am alive, my heirs won't pay estate taxes.

TRUE    FALSE

3.

I can give all of my assets to my spouse now or after I die without paying any gift or estate taxes.

TRUE    FALSE

4.

If I have a will, when I die my heirs will not need to go to the probate court.

TRUE    FALSE

5.

If I leave a bank account payable to my daughter on my death, the money will go to her directly without probate.

TRUE    FALSE

6.

I should generally hold title to my house with my spouse as "joint tenants".

TRUE    FALSE

7.

My living trust can be contested after I die.

TRUE    FALSE

8.

A living trust will protect my assets from my creditors.

TRUE    FALSE

9.

Life insurance is not taxed in my estate.

TRUE    FALSE

10.

If I put my son's name on my house, his creditors can take part of it to pay his debts.

TRUE    FALSE

11.

If my estate is under $2,000,000, I do not need to do any estate planning.

TRUE    FALSE

12.

Generally, I should not name my living trust as beneficiary of my IRA.

TRUE    FALSE

13.

I must divorce my spouse to protect my assets if my spouse goes to a rest home.

TRUE    FALSE