Principles of Estate Planning Ch. 1:
Introduction to Estate Planning
Which of the following statements correctly describes what estate planning can accomplish?
A) Estate planning can provide financial support and security for spouses, partners, children,
and other dependents.
B) Estate planning is needed only for individuals with estates that exceed $11,180,000.
C) Estate planning ensures that the courts will select proper guardians and conservators to
manage an incapacitated person's affairs. - correct answer ✔✔ A) Estate planning can provide
financial support and security for spouses, partners, children, and other dependents.
Which of the following situations does not constitute the unauthorized practice of law?
A) When a nonlawyer is both a specialist and an acknowledged expert in the field.
B) When legal rules are applied to specific client situations.
C) When a statute or legal interpretation has become so well known and settled that no further
legal issue is involved.
D) When the resolution of controversial or uncertain questions of law is required in an actual
case. - correct answer ✔✔ D) When the resolution of controversial or uncertain questions of
law is required in an actual case.
Which of the following statements does not correctly describe the financial planner's role in the
estate planning process?
A) The practitioner and the client mutually define a client's personal and financial goals, needs,
and priorities that are relevant to the scope of the engagement.
B) The planner must assess a client's current and projected future financial situation to
determine the likelihood of meetings his financial planning and estate planning goals.
C) The financial planner must analyze a client's current estate plan and make recommendations
to correct any known deficiencies.
Introduction to Estate Planning
Which of the following statements correctly describes what estate planning can accomplish?
A) Estate planning can provide financial support and security for spouses, partners, children,
and other dependents.
B) Estate planning is needed only for individuals with estates that exceed $11,180,000.
C) Estate planning ensures that the courts will select proper guardians and conservators to
manage an incapacitated person's affairs. - correct answer ✔✔ A) Estate planning can provide
financial support and security for spouses, partners, children, and other dependents.
Which of the following situations does not constitute the unauthorized practice of law?
A) When a nonlawyer is both a specialist and an acknowledged expert in the field.
B) When legal rules are applied to specific client situations.
C) When a statute or legal interpretation has become so well known and settled that no further
legal issue is involved.
D) When the resolution of controversial or uncertain questions of law is required in an actual
case. - correct answer ✔✔ D) When the resolution of controversial or uncertain questions of
law is required in an actual case.
Which of the following statements does not correctly describe the financial planner's role in the
estate planning process?
A) The practitioner and the client mutually define a client's personal and financial goals, needs,
and priorities that are relevant to the scope of the engagement.
B) The planner must assess a client's current and projected future financial situation to
determine the likelihood of meetings his financial planning and estate planning goals.
C) The financial planner must analyze a client's current estate plan and make recommendations
to correct any known deficiencies.
