EPQ Test

What's Your EPQ (Estate Planning Quotient)?

1)    If you die without a will or living trust, who decides what happens to your money?

       a)  The U.S. government

       b)  Your state government

       c)  Your oldest relative

2)    A living trust can save estate taxes that a will cannot.

       a)  True

       b)  False

3)    Life insurance and retirement plans should be considered as part of your estate plan.

       a)  True

       b)  False

4)    Can Five Acres benefit from your good intentions if you die before making a will or living trust that includes Five Acres as a beneficiary?

       a)  Yes

       b)  No

For more information about planned giving, please contact Jay Sanders, at ((626) 773-3749 or email him at: jsanders@5acres.org.  Results of the E.P.Q. test are:

Answers

1)    b.  State law determines who inherits through the law of intestacy.

2)    b.  False. Both a will and a living trust can save taxes.  A living trust also allows your estate to avoid probate, which can be costly. A living trust provides other benefits but not necessarily tax savings.

3)    a. True  These are ideal means for providing charitable gifts with significant tax savings.

4)    b.  No. That's why it's important to act on your intentions now.