Which of the following is the best recommendation for a 40-year-old single mom who has two young…

1. Which of the following is the best recommendation for a 40-year-old single mom who has two young children and who is terminally ill? a. Purchasing life insurance to provide for her children. b. Revising the will to add trust provisions which qualify for the marital deduction. c. Creating a living will to direct her desires for medical treatment. d. Purchasing long-term care insurance to help cover her medical bills. 2. A parent of a 10-year-old child with special needs should consider all of the following financial planning techniques, EXCEPT: a. Creating a special needs trust for the benefit of the child. b. Creating a will for the child. c. Creating a letter of intent describing all of the things a new caregiver should know. d. Purchasing life insurance on the parent’s life. 3. Which of the following statements regarding Achieving a Better Life Experience (ABLE) accounts is correct? a. Distributions made for qualified disability-related expenses are income tax free and do not count in determining eligibility for any federal means-tested program. b. If the account balance exceeds $15,000 SSI benefits will be suspended until the balance falls below $15,000. c. Rollovers from Sec. 529 Savings Plans to Sec. 529A ABLE accounts are not permitted. d. The account must be established in the state in which the beneficiary resides.

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