Look up the intestacy laws in your state/country.  Where will your assets go if you had a spouse and children when you passed?  Had a spouse but no children?  Had children but no spouse? If you were single with no kids? In North Carolina, the following applies if you die without a will:If you die with:here’s what happens:children but no spousechildren inherit everythingspouse but no descendants or parentsspouse inherits everythingspouse and one child or descendants of one childspouse inherits 1/2 of your intestate real estate and a portion of your intestate personal property (if you die with personal property worth $60,000 or less, your spouse inherits all of it; if you have more than $60,000 worth of personal property, your spouse inherits $60,000 plus 1/2 of the balance)child or descendants inherit 1/2 of your intestate real estate and any intestate personal property remaining after the spouse’s sharespouse and two or more children or descendants of those childrenspouse inherits 1/3 of your intestate real estate and a portion of your intestate personal property (if you die with personal property worth $60,000 or less, your spouse inherits all of it; if you have more than $60,000 worth of personal property, your spouse inherits $60,000 plus 1/3 of the balance)children or descendants inherit 2/3 of your intestate real estate and any intestate personal property remaining after the spouse’s sharespouse and parentsspouse inherits 1/2 of your intestate real estate and a portion of your intestate personal property (if you die with personal property worth $100,000 or less, your spouse inherits all of it; if you have more than $100,000 worth of personal property, your spouse inherits $100,000 plus 1/2 of the balance)parents inherit 1/2 of your intestate real estate and any intestate personal property remaining after the spouse’s shareparents but no spouse or descendantsparents inherit everythingTo find this information for North Carolina, I went to Google and typed in "North Carolina probate code intestate succession.”  I then chose this site: https://www.nolo.com/legal-encyclopedia/intestate-succession-north-carolina.htmlLinks to an external site.

A will lays out who will take over your _____ after your death.A.beneficiariesB.assetsC.plansD.trustsSUBMITarrow_backPREVIOUS

Which of the following is not a benefit of having a will?A will enables you to nominate the persons who will handle your estate or serve as guardians to your children, and it allows you to determine who will receive all the property you have accumulated over your lifetime.You only need a will if you have a large estate.A well-drafted will can allow your family to minimize death taxes and other costs that may drain your estate of assets.Your will can be an expression of your personal values.

True or false?In practice, the estate tax applies to all people who leave inheritances to their beneficiaries, no matter how large or small.Select the correct answer below:TrueFalse

Inheritance taxes are imposed only by the state governments.Group of answer choicesTrueFalse

Which proceeds of life insurance policy is NOT included as part of the gross estate?Select one:a.Proceeds of life insurance payable to an heir who is designated subject to revocation by the decedentb.Proceeds of life insurance receivable by the heirs under a group insurance policy taken out by the employer of the decedentc.Proceeds of life insurance receivable by the executor of the decedent's estate, who is irrevocably designated by the decedentd.Proceeds of life insurance receivable by the estate of the deceased which is designated as beneficiary subject to revocationClear my choiceQuestion 52Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is allowable as deduction from the gross estate of a nonresident, not a citizen of the Philippines decedent?Select one:a.Standard deductionb.Family home allowancec.Transfers for public used.Medical expensesClear my choiceQuestion 53Not yet answeredMarked out of 1.00Flag questionTipsQuestion textThe executor of a married decedent provided the following data about his estate:I. Properties within the Philippines, Php 1, 250, 000II. Properties outside the Philippines, Php 2, 500, 000III. Actual funeral expenses in the Philippines, Php 45, 000IV. Actual funeral expenses outside the Philippines, Php 30, 000 Assuming that the decedent was a citizen or resident of the Philippines, How much is the deductible funeral expenses?Select one:a.Php 75, 000 b.Php 45, 000 c.Php 100, 000d.Php 187, 500 Clear my choiceQuestion 54Not yet answeredMarked out of 1.00Flag questionTipsQuestion textUnfortune Insurance Corp. provided the data for the final quarter of 2013 as follows:Total Insurance Premiums collectible                  Php 1, 875, 000The breakdown of the above premiums is as follows:            Life insurance premiums                                                         75 %            Non-life insurance premiums                                                   25 %During the quarter, life insurance premium collected                      62 % Find the percentage tax due (rounded off to the nearest one peso) . Select one:a.Php 23, 407. 50b.Php 43, 594c.Php 72, 656. 50d.Php 29, 062. 50Clear my choiceQuestion 55Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following judicial expenses is not deductible?Select one:a.Court expenses for the settlement of the estate, whether testamentary or intestateb.Expenses on the anniversary of the death of the deceasedc.Attorney's or legal feesd.Compensation of the executor or administrator of the estateClear my choiceQuestion 56Not yet answeredMarked out of 1.00Flag questionTipsQuestion textA diseased persona.Decedentb.Mortalc.Humand.LivingClear my choiceQuestion 57Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow much minimum quarterly gross receipt must be considered for the public utility bus - Not exceeding 30 passengers 3,600 before implementing percentage tax?a.Php 3,900.00b.Php 3,700.00c.Php 3,800.00d.Php 3,600.00Clear my choiceQuestion 58Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow many percent if the prior decedent died more than one (1) year but not more than two (2) years prior to the death of the decedent, or if the property was transferred to him by gift within the same period prior to his deatha.90%b.70%c.100%d.80%Clear my choiceQuestion 59Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhat business tax is due on the restaurant business of Mr. Laudico?Select one:a.Broker's taxb.Value added taxc.Caterer's taxd.Common carrier's taxClear my choiceQuestion 60Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is an example of excise tax?Select one:a.Real propertyb.Incomec.Salesd.Transfer