Week 11

Estate planning is an important aspect for which of the following? 1) probate and succession 2) financial planning 3) retirement planning

All

Which of the following advisors are qualified to give sate planning advice? 1) attorneys 2) CPAs 3) Financial planners

All three can give advice

Which of the following is not a common estate planning goal? a) maximizing the gross estate b) minimizing transfer taxes c) providing for liquidity at death d) fulfilling client's healthcare decisions

a) maximizing gross estate minimizing transfer costs is the other one

Which of the following activities would be considered the unauthorized practice of law for a non-licensed attorney? a) preparing a last will and testament for a client b) helping clients to identify their financial planning goals c) preparing financial statements for prospective clients d) reading will and trusts for your client

a) preparing a last will and testament for client

The best definition of estate planning is a) a plan for disposition of assets at death b) a plan for managing property during life and at death c) titling and bene naming d) the same as an investment plan

b) management during life and death of estate

As a financial planner you are preparing for a meeting with your new client. What would you be most likely to ask Connor to bring to the meeting? a) pictures of kids b) his parents c) any will and codicil d) sales records for his business

c) any will and codicil

Client is rich and has not prepared an estate plan. What is a risk he is NOT taking in doing so? a) Estate could incur excessive transfer taxes b) his favorite car may not be transferred to his ex- wife Selena c) His insurance policy on his own life may not be paid out to the named bene d) his current wife may not provide for his kids from his previous marriage

c) may not be paid out to the named bene that's taken care of if a bene is named in probate

Failure to have an estate plan could lead to a) increased costs b) delays c) assets passing to unintended people d) all

d) all

All of the following are transfer costs associated with estate planning except: a) attorneys fees b) costs of retitling c) estate and inheritance taxes d property taxes on inherited property

d) property taxes on inherited property

You, as a non- attorney CFP are asked to assist one of your clients who is very frugal to prepare her will using legal zoom.com. which is correct? a) yes if you have a waiver b) yes as long as you're not an heir c) no because it's not very good, redirect to will maker d) you cannot assist her

d) you cannot assist her must be an attorney