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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.

 

Sharing Good Fortune

Dorothy Phillips' Story:


“She was a private lady,” Al Meymarian said of Dorothy Phillips, “with a tremendous care for the elderly, battered, abused and anyone in need.” Mr. Meymarian considers it an honor to be the trustee responsible for the distribution of Ms. Phillips’ estate to charities such as Five Acres.  A long-time local resident Ms. Phillips was a nurse who eventually owned and operated a successful convalescent hospital in Pasadena. “She was always helping people and wanted to share her good fortune with those who were without – in a very quiet way,” Mr. Meymarian added. Ms. Phillips’ generous donation through her charitable remainder trust represents a significant sharing of her good fortune with children whose futures will be vastly improved because of her gift.

For questions or to receive a brochure about including a provision in your estate plan for the children and families Five Acres serves, please contact Cynthia Nickell at (626) 798-6793 Ext. 2250 or email her.