Question

What type of Will would have as a provision "50% to surviving spouse and 50% to the surviving children?" Simple Will. . Traditional Marital Share Will. Exemption Trust Will. Stated Dollar Amount Will. Question 25 100 pts Which of the following is a characteristic of a Living Will? A Living Will is subject to Probate. • A Living Will can use the Unlimited Marital Deduction. A Living Will does not involve Assets. • A Living Will is subject to Federal Estate Taxes. Question 26 100 pts Your Gross Annual Income is $65,000. What is your estimated Life Insurance need based on the Easy Method for your "typical family?" $318,500. $455,000. $ 650,000. $130,000 Question 27 100 pts The total debts of you and your spouse include the following: mortgage, $180,000; auto loan, $12,000; credit card balance, $2,000. Further, you estimate that your funeral will cost $10,000. Your spouse earns as much as you and expects to continue to work after your death. What is your estimated Life Insurance need using the DINK method? $204,000. $194,000. $97,000. $107,000.

Answer 1

Answer 24.

A traditional marital share will provides 50% share in the estate for spouse and 50% for the children.

Hence, option B is correct.

Answer 25.

Option C is correct. A living will provides directions about the healthcare services to be provided in case of emergency. Therefore, such will does not involve any asset.

Answer 26.

Easy method,

65,000×7 years×70%

=318,500

Option A is correct.

Answer 27.

Dink method,

{(180000+12000+2000)×50%}+10000

=107000

Option D is correct.