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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 Cynthia Nickell, at (626) 798-6793 or email her at: cnickell@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.

 

Outside Your Zip Code

Bill Clark's Story:

Bill Clark’s role models are a diverse group – his Irish grandmother, his Japanese father-in-law, and Five Acres Ambassador Stan Weston. In addition to the values he learned from his parents Bill credits their influence to helping him want to “make the world a better place.”  

His grandmother overcame tough times after her family emigrated in the 1870s.  His father-in-law served in the U.S. military during World War II while his family lived in an internment camp. And Stan modeled professionalism and passion in the service of children at Five Acres.  All exemplified philanthropic involvement in the community.

Bill’s volunteering began in college and continues today with leadership roles with San Marino’s Boy Scout Troop 355, Catholic Charities, Mayfield Junior School and, of course, Five Acres.  Bill joined the board in 1996 after he was recruited by Mike Coye to the 5K-10K Run committee. Since then Bill has served on the investment, audit and human resources committees as well as chaired the building and grounds, business affairs, finance and board affairs committees – not to mention his invaluable assistance with every building and property project for more than a decade.

Bill and his wife Louise are committed to passing the family value {mosimage}of volunteering on to their children Bobby, 12, and Elizabeth, 18.  Elizabeth tutors Five Acres children one day each week and with Bobby accompanies Bill in his real estate broker business to apartment buildings and to various charities he supports. Bill explains, “It’s important for them to see people outside their zip code.”  

Bill and Louise have set up a living trust that includes Five Acres as a beneficiary.  He says, “I get more out of volunteering than I put in.  I’m rewarded many fold.  Putting Five Acres in my will was such an easy thing to do.  Why wouldn’t you?”

For information on ways to include Five Acres in your estate plan, please call Cynthia Nickell at 626.798-6793 Ext 2250 or email her.