Sometimes our understanding is “incomplete.”
Over the years we have observed that most people operate under one or more misconceptions regarding certain financial matters. In an effort to clarify a few of those misconceptions we offer the following brief quiz. Four questions are presented. Please click the hyperlink to indicate your response and view additional information.
Question #1. Do you think a person should have a will in order to avoid probate? Yes. No.
Question #2. Are life insurance proceeds subject to estate taxation? Yes. No.
Question #3. Does owning at least 10 stocks guarantee a safe portfolio? Yes. No.
Question #4. Tax laws are designed to satisfy which of the following?
D. All of the above.
And now for a funny story:
A lawyer had just completed an estate plan for a little old lady. The lady asked him, “How much do I owe you?” “That’ll be one hundred dollars, ma’am.” So the little old lady reached into her purse and pulled out a crisp, clean one hundred dollar bill. She handed it to the lawyer, who noticed that attached to the crisp, clean one hundred dollar bill was a second crisp, clean one hundred dollar bill. This meant that the lawyer was faced with a moral dilemma, which was…should he tell his partner about the second hundred!
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