Which of the following statement(s) about Ancillary Probate is/are false?

A. Only (i)

B. Only (ii)

C. Both (i) and (ii)

D. Neither (i) nor (ii)

Private Companies have a minimum paid up capital of _______________ or such higher capital as may be prescribed.

A. Rs 1,00,000

B. Rs.3,00,000

C. Rs.5,00,000

D. Rs10,00,000

Estate planning has _________ steps.

A. Two

B. Three

C. Four

D. Five

_____________ allows you to contribute cash but you will not receive tax deduction at the time of contribution.

A. Traditional IRA

B. Roth IRA

C. SEP-IRA

D. Simple IRA

What is Probate?

A. A Will made out of undue influence

B. The process of distribution of estate

C. A person who pays the ‘Inheritance Tax’

D. Court process by which a will is proved valid or invalid

Estate planning has_____ phases.

A. Nil

B. Two

C. Three

D. Depends on the value of estate

Which of the following statement(s) about Power of Attorney is/are correct?

A. Neither of the (ii)

B. Only (i)

C. Only (ii)

D. Both (i) and (ii)

There are __________ types of Insurance policies which are used in Estate Planning.

A. Two

B. Three

C. Four

D. No limit on the types of Insurance Policies

In which of the following case/cases Revocation of Power of Attorney is possible?

A. Only (i)

B. Both (i) and (ii)

C. (i), (ii) and (iii)

D. Only (ii)

There are generally________ types of Private Foundations. Out of these, in ____________ arrangement, the donor has no direct participation in any charitable work.

A. Two, Company-Sponsored Foundation

B. Three, Non-Operating Foundation

C. Two, Non-Operating Foundation

D. Three, Company-Sponsored Foundation

Which of the following statement(s) about Estate Planning is/are correct?

A. (i),(ii),(iii) and (iv)

B. Only (iii)

C. (iii) and (iv)

D. Only (ii)

You are an Estate Planner. A client asks you to explain him the process of Probate. You explain him that Probate is one of the ways to pass ownership of estate property to a decedent’s survivors. The client further asks you to outline the various steps of Probate. As an estate planner, you would outline the steps of probate as follows (please specify the correct order)

A. (i)-(ii)-(iii)-(iv)

B. (ii)-(iii)-(i)-(iv)

C. (i)-(iii)-(ii)-(iv)

D. (iii)-(i)-(ii)-(iv)