Please Submit twenty-five (25) MCQs from our webinar on ESTATE PLANNING (75 pts).

1.) % Filipinos Interested in Estate Planning.

a.) 3-5%
b.) 2-4%
c.) 4-6%
d.) 5-8%

Answer: 3-5%, Discussed by Atty. Rey (9:15) of the Video

2.) Largest economic class in the Philippines.

a.) Poor
b.) Lower Income
c.) Lower Middle
d.) Middle

Answer: Lower Income, Discussed in the Video (9:10)

3.) Based on the Global Survey, Knightfrank, to be considered wealthy in the philippines you need
____ income per annum.

a.) 200,000 USD

b.) 205,000 USD
c.) 210,000 USD
d.) 220,000 USD

Answer: 210,000 USD, Discussed in the video (10:30)

4.) It is the process of accumulation, management, conservation and transfer of wealth considering
legal, tax and personal objectives.

a.) Financial Planning

b.) Estate Planning
c.) Life Planning
d.) General Planning

Answer: Estate Planning, Discussed in the video (13:29)

5.) Estate can be defined as?

a.) Everything you own at death

b.) Net Asset
c.) Financial Capacity
d.) Numerous Realty under one owner
Answer: Everything you own at death, Discussed in the video (14:10)

6.) One of the Whys of Estate Planning

a.) Life-prolong financial decision
b.) To choose for guardian financially
c.) For Payment of Funeral
d.) Directing and Guidance of who will receive your assets

Answer: Directing and Guidance of who will receive your assets, Discussed in the video (14:40)

7.) Without a plan in place the ____ and a judge will decide what happens to you and your property

a.) Lawyer
b.) Law
c.) Attorney
d.) Family

Answer: Law, Discussed in the video (17:32)

8.) The First thing needed in Estate Planning

a.) Plan
b.) Goals
c.) Objective
d.) List of Assets

Answer: Goals, Discussed in the Video (17:44)

9.) Estate Planning Goals where property is transferred to a corporation that the transferor gains
control of would enable that.

a.) Minimize Estate Tax

b.) Business will run without interruption
c.) Corporate Goal
d.) Heir Planning Goal

Answer: Minimize Estate Tax, Discussed in the video (18:45)

10.) After Goals in Real Estate Planning this is the second thing that you should be aware of

a.) Plan
b.) Objective
c.) Factors
d.) List of Assets

Answer: Factors, Discussed in the video (20:17)

 11.) In Estate Planning, Dual Citizens, long-term residents and life decisions may incur _______

a.) Double Income

b.) Double Taxation
c.) Additional Payment
d.) Additional Documentations

Answer: Double Taxation, Discussed in the Video (22:02)

12.) This is needed in the Philippines to secure real estate transfer and stocks to another name

a.) BIR Clearance

b.) SPA
c.) Authorization Letter
d.) NBI Clearance

Answer: BIR Clearance, Discussed in the video (23:42)

13.) Last and just as important essence in Estate Planning

a.) Need of heirs

b.) Personality of Heirs
c.) Personality and Need of Heirs
d.) Location of Heirs

Answers: Personality and Need of Heirs, Discussed in the video (23:52)

14.) The main reason to look at what makes up your assets

a.) To be organized
b.) For easy Filing
c.) Ease of transfer for each and every assets
d.) To lessen trouble to heirs

Answer: Ease of transfer for each and every assets, Discussed in the video (25:00)

15.) Educating Heirs is needed for Estate Planning to?

a.) Be rich once you are gone

b.) Be comfortable knowing what awaits them
c.) To avoid fight between heirs
d.) For them to squander their gains

Answer: to avoid fights between Heirs, Discussed in the video (26:56)

16.) Why is it necessary to look at your obligations?

a.) To lessen loan

 b.) To pay debts
c.) To lessen amount of taxes
d.) For heirs to pay them

Answer: to lessen amount of taxes, Discussed in the video (26:44)

17.) The _____ determine who your heirs is

a.) Government
b.) Philippine Law
c.) Judges
d.) Birth Certificate

Answer: Philippine Law, Discussed in the video (27:39)

18.) Only way to disinherit a heir.

a.) Trial
b.) Court Case
c.) Via Will of the Diseased
d.) Ruling of Contract signed by the heirs

Answer: Court Case, Discussed in the video (27:49)

19.) Current Estate Tax Rate.

a.) 10%
b.) 8%
c.) 6%
d.) 7%

Answer: 6%, Discussed in the video (29:20)

20.) What is Net Estate?

a.) Everything that you owned

b.) Gross Estate
c.) Gross Estate less Taxes
d.) Gross Estate less Estate Obligations

Answer: Gross Estate less Estate Obligations. Discussed in the video (29:30)

21.) A One Person Corporation has a ____ lifetime

a.) Limited
b.) Annual
c.) Perpetual
d.) 50 years
Answer: Perpetual, Discussed in the video (31:12)

22.) You can transfer your own property to your one person corporation for?
a.) 8% tax
b.) 6% tax
c.) 2% tax
d.) Tax-free

Answer: Tax-free, Discussed in the video (31:12)

23.) This is very important and have to be handled with tact in Estate Planning

a.) Assets
b.) Heirs
c.) Emotions and Expectations
d.) Obligations

Answer: Emotions and Expectations, Discussed in the video (32:50)

24.) Estates only work when you are absolutely up front with your?

a.) Estate Planner

b.) Estate advisor
c.) Estate Attorney
d.) Family and Heirs

Answer: Estate Advisor, Discussed in the video (33:02)

25.) At the end of the day the best estate plan serves _________

a.) You
b.) Heirs
c.) You and your family
d.) Whole Clan

Answer: you and your family, discussed in the video (33:02)

 Please Comment on our YouTube channel (in not less than 5 concise sentences) what are your
greatest learnings in the presentation.