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| 1. An estate owner could avoid large estate tax ramifications by funding the estate tax liability with |
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| 2. Pam combines the funds of two older IRA's with her present one. This considered a 1035 tax free exhange. (T or F) |
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| 3. All lump sum death claim benefits paid to a beneficiary are tax free up to $100,000. (T or F) |
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| 4. Life insurance would be considered part of an insured's estate, if the estate received the death benefit and the policyowner was the insured. (T or F) |
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| 5. Blossom owns a policy that has been declared a (MEC). The policy contains $24,000 of cash value. Since Blossom has paid $12,000 in total premiums, how much of a $10,000 loan would be taxed? |
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| 6. My employer has a KEOGH. Does he/she have to contribute to my part of the KEOGH if I participate in the retirement plan? (Y or N) |
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| Employees of not-for-profit organizations and ____ ____ qualify for Tax Sheltered Annuities. |
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| Annuity benefit payments become part of the annuitant's estate when the _________ _______ continue to another person (beneficiary). |
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| When a beneficiary receives a lump sum annuity settlement, the amount in excess of the owner's investments must be reported a a capital gain to the IRS. (T or F) |
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| Abe has been receiving $2,500 per month for 14 months to pay Long-Term Care expenses from a $300,000 life insurance policy. What is the balance of the death benefits? |
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