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1.
You can open up a custodial investment account in your child's name.
True. This is a good way to get your child started on investing.
2.
Which of the following may be excluded from financial means testing?
Both life insurance cash values and supplemental needs trusts. Assets held in certain trusts or in life insurance cash values are usually excluded from means testing.
3.
In order to qualify for free public services, special-needs children must pass a financial means test.
True. In order to qualify for free public services, special-needs children must pass a financial means test.
4.
If you (or you and your partner) do not designate a guardian for your child in your will, and you both die, who will then appoint a guardian for the child?
A court. If it is not spelled out in a will, then a court will designate a new guardian.
5.
Perhaps the best reason to build up savings before having a child is that _______.
You may not be working for a while after the child is born. Prepare by building up a savings fund.