Ten Biggest Mistakes

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1   When another person is added to your checking or savings account, that upon the death of either one the entire proceeds of the account is owned by the survivor.
True False

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2   Unless you specify the ownership as joint tenants with the right of survivorship in a Deed, that upon the death of one or more of the owners, that person's interest does not pass to his estate and but to the surviving owners of the property (except in the case of husband and wife).
True False

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3   The gifting of a parcel of land to a child for $1.00 is a good way to avoid capital gains tax.
True False

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4   Upon the passing of a spouse, who held title with a spouse, a new Deed is not required to be prepared, as the property is solely owned by the surviving spouse.
True False

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5   Putting your home or personal assets into a Trust relieves your estate from having to pay Inheritance Tax to the State of Pennsylvania.
True False

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6   Most persons who are contemplating estate planning use the $10,000.00 annual exclusion per person per year to reduce their taxable estate.
True False

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7   In contemplation of estate planning, husband and wife do not split assets in order to qualify for the full credit against estate debt taxes.
True False

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8   Parties contemplating estate planning after turning the minimum age in order to begin taking money out of an IRA should only take out the minimum amount required which leaves the maximum amount within their IRA for tax purposes.
True False

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9   Parties contemplating estate planning over look the value relative to cost of buying life insurance to supplement the payment of Inheritance Tax by their children.
True False

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10   Family businesses fail to incorporate prior to the death of the primary owner to avoid Inheritance Tax imposed by the State of Pennsylvania
True False

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