PFP464: Estate Planning Concepts
Exam Questions correctly answered
Which of the following statements regarding joint tenancy with rights of survivorship is correct?
- correct answer ✔✔ ...
Jamie and Justin purchased an apartment building as tenants in common. Jamie paid $500,000
for the purchase and Justin paid $250,000. Which of the following statements is true? - correct
answer ✔✔ If Jamie dies when the building is valued at $1.5 million, Jamie may leave her share
of the building to her nephew, Kyle.
Jethro opens a checking account as JTWROS with his son, Jett. Jethro deposits $200,000 into the
account. Which is true?
1. No gift is made to Jett until Jett withdraws money from the account.
2. When Jethro dies, Jett will automatically receive the balance in this account, regardless of
Jethro's will.
3. Any future deposits made by Jethro to the account will be deemed as taxable gifts to Jett. -
correct answer ✔✔ 1 and 2 only
Jo, who lives in Kansas, is on her deathbed when she announces to her two children and a nurse
that she wants her youngest granddaughter to receive her diamond engagement ring. - correct
answer ✔✔ This is a nuncupative will and is valid.
If a client needs a will, their financial planner should - correct answer ✔✔ refer them to a
licensed attorney.
Joe and Janine are not married, but have been living together for six years. Joe is concerned that
his children from an earlier marriage will contest any inheritance he leaves to Janine. As Joe's
, financial planner, which of the following would be the best advice? - correct answer ✔✔ Name
Janine as beneficiary of his pension plan and life insurance policies.
Jon and Jalene, although not married, have been living together for several years. Jon, who is
quite wealthy, wants to leave the bulk of his estate to Jolene when he dies. Jon anticipates that
his children will contest the will. Which of the following would ensure that Jalene will receive an
asset following Jon's death? - correct answer ✔✔ Jon should title assets that he wants Jalene to
receive as JTWROS.
Jillian has four children, the youngest of whom is a problem. She has spent thousands of dollars
on rehab for this child, but he continues his addictive behavior. Jillian has decided to disinherit
her youngest child. Which of the following is true? - correct answer ✔✔ She may disinherit the
child in her will.
While he was in the hospital, Julian told his wife that if he died he wanted to give his golf clubs
and golf cart to his son, Kaleb; his car to his daughter, Kai; and everything else not mentioned in
his statutory will to his wife, Jessica. A nurse and their pastor were in the room at the time he
made the statement. Julian died the next day. Jessica typed out Julian's last wishes and had the
nurse and pastor witness the statement. - correct answer ✔✔ The state of Kansas will recognize
this nuncupative will.
Jorge and Juliet are married and live in Texas, a community property state. While they were
married, they bought a house for $300,000, using money Jorge had earned prior to the
marriage. Juliet recently died when the house was valued at $500,000. Which of the following is
correct? - correct answer ✔✔ $250,000 of the house value will be included in Juliet's gross
estate; Juliet's will determines who inherits her share of the house.
Jeremiah, who is single, dies and in his will leaves his house valued at $500,000 to his nephew,
Keanu. Jeremiah purchased the house twenty years ago for $100,000. Which statement is
correct? - correct answer ✔✔ $500,000 of the house value will be in Jeremiah's gross estate;
$500,000 of the house value will be in Jeremiah's probate estate.
Exam Questions correctly answered
Which of the following statements regarding joint tenancy with rights of survivorship is correct?
- correct answer ✔✔ ...
Jamie and Justin purchased an apartment building as tenants in common. Jamie paid $500,000
for the purchase and Justin paid $250,000. Which of the following statements is true? - correct
answer ✔✔ If Jamie dies when the building is valued at $1.5 million, Jamie may leave her share
of the building to her nephew, Kyle.
Jethro opens a checking account as JTWROS with his son, Jett. Jethro deposits $200,000 into the
account. Which is true?
1. No gift is made to Jett until Jett withdraws money from the account.
2. When Jethro dies, Jett will automatically receive the balance in this account, regardless of
Jethro's will.
3. Any future deposits made by Jethro to the account will be deemed as taxable gifts to Jett. -
correct answer ✔✔ 1 and 2 only
Jo, who lives in Kansas, is on her deathbed when she announces to her two children and a nurse
that she wants her youngest granddaughter to receive her diamond engagement ring. - correct
answer ✔✔ This is a nuncupative will and is valid.
If a client needs a will, their financial planner should - correct answer ✔✔ refer them to a
licensed attorney.
Joe and Janine are not married, but have been living together for six years. Joe is concerned that
his children from an earlier marriage will contest any inheritance he leaves to Janine. As Joe's
, financial planner, which of the following would be the best advice? - correct answer ✔✔ Name
Janine as beneficiary of his pension plan and life insurance policies.
Jon and Jalene, although not married, have been living together for several years. Jon, who is
quite wealthy, wants to leave the bulk of his estate to Jolene when he dies. Jon anticipates that
his children will contest the will. Which of the following would ensure that Jalene will receive an
asset following Jon's death? - correct answer ✔✔ Jon should title assets that he wants Jalene to
receive as JTWROS.
Jillian has four children, the youngest of whom is a problem. She has spent thousands of dollars
on rehab for this child, but he continues his addictive behavior. Jillian has decided to disinherit
her youngest child. Which of the following is true? - correct answer ✔✔ She may disinherit the
child in her will.
While he was in the hospital, Julian told his wife that if he died he wanted to give his golf clubs
and golf cart to his son, Kaleb; his car to his daughter, Kai; and everything else not mentioned in
his statutory will to his wife, Jessica. A nurse and their pastor were in the room at the time he
made the statement. Julian died the next day. Jessica typed out Julian's last wishes and had the
nurse and pastor witness the statement. - correct answer ✔✔ The state of Kansas will recognize
this nuncupative will.
Jorge and Juliet are married and live in Texas, a community property state. While they were
married, they bought a house for $300,000, using money Jorge had earned prior to the
marriage. Juliet recently died when the house was valued at $500,000. Which of the following is
correct? - correct answer ✔✔ $250,000 of the house value will be included in Juliet's gross
estate; Juliet's will determines who inherits her share of the house.
Jeremiah, who is single, dies and in his will leaves his house valued at $500,000 to his nephew,
Keanu. Jeremiah purchased the house twenty years ago for $100,000. Which statement is
correct? - correct answer ✔✔ $500,000 of the house value will be in Jeremiah's gross estate;
$500,000 of the house value will be in Jeremiah's probate estate.
