CTFA -Financial Planning Asset Allocation should conform to an individual's _____________ - Answer -risk tolerance A springing durable power of attorney is effective only on a _____________________ - Answer -
conditional event What is the minimum age for receiving Social Security benefits? - Answer -62 Assume Greg inherits stock from his father that he purchased at $50 per share and it appreciated to $75 per share by the date of his father's death. At the time the estate settled one year later, the stock had declined to $65 per share. What was Greg's tax basis in the stock - Answer -$75 Disability benefits have a ______________ elimination period - Answer -6 month When is disability insurance benefit not taxable to the insured? - Answer -With an individual plan - where the insured pays the premium with after tax dollars Are distributions from a 529 plan for educational purposes tax -exempt? - Answer -YES The present value of an amount to be received in the future is always __________ than the nominal future value. - Answer -LOWER In order to receive the highest monthly pension payment, a retiree should chose a ______________ payment option. - Answer -Single Life IRA distributions prior to age __________ are generally subject to an excise tax. - Answer -59 1/2 Can you afford to retire if investment capital is exhausted and future expenses exceed available income? - Answer -NOOOOOOOO Medigap plans - Answer -A supplemental benefit plan meant to cover gaps in Medicare coverage, such as supplementing the payment of bills to physicians Is the cash value portion of a life insurance policy considered part of your net worth? - Answer -Yes Are damages that might be received from a lawsuit currently being litigated considered part of your net worth? - Answer -NO T/F: In regards to a marital deduction trust, the surviving spouse has the unrestricted right to receive income? - Answer -True Seven -Pay Test - Answer -The IRS guidelines that determine if a policy is classified as insurance or an investment product. Government imposes mandated guidelines regarding premium amounts to stay under to be considered insurance The main concern with the use of home equity lines of credit for financing consumer purchases is... - Answer -doing so places ownership of the home at risk ____________ funds provide safety of principal - Answer -Money Market Funds The most important factor in assuring the adequacy of assets in retirement is to - Answer -Limit spending to the amount supported by income and assets The purpose of the valuation discount in a family limited partnership or LLC is for... - Answer -Federal gift and estate tax purposes The regular federal income tax liability is calculated by multiplying the appropriate tax rate by... - Answer -
taxable income A beneficiary of an IRA must be designated by.... - Answer -September 30th of the year following the year of the IRA owner's death
conditional event What is the minimum age for receiving Social Security benefits? - Answer -62 Assume Greg inherits stock from his father that he purchased at $50 per share and it appreciated to $75 per share by the date of his father's death. At the time the estate settled one year later, the stock had declined to $65 per share. What was Greg's tax basis in the stock - Answer -$75 Disability benefits have a ______________ elimination period - Answer -6 month When is disability insurance benefit not taxable to the insured? - Answer -With an individual plan - where the insured pays the premium with after tax dollars Are distributions from a 529 plan for educational purposes tax -exempt? - Answer -YES The present value of an amount to be received in the future is always __________ than the nominal future value. - Answer -LOWER In order to receive the highest monthly pension payment, a retiree should chose a ______________ payment option. - Answer -Single Life IRA distributions prior to age __________ are generally subject to an excise tax. - Answer -59 1/2 Can you afford to retire if investment capital is exhausted and future expenses exceed available income? - Answer -NOOOOOOOO Medigap plans - Answer -A supplemental benefit plan meant to cover gaps in Medicare coverage, such as supplementing the payment of bills to physicians Is the cash value portion of a life insurance policy considered part of your net worth? - Answer -Yes Are damages that might be received from a lawsuit currently being litigated considered part of your net worth? - Answer -NO T/F: In regards to a marital deduction trust, the surviving spouse has the unrestricted right to receive income? - Answer -True Seven -Pay Test - Answer -The IRS guidelines that determine if a policy is classified as insurance or an investment product. Government imposes mandated guidelines regarding premium amounts to stay under to be considered insurance The main concern with the use of home equity lines of credit for financing consumer purchases is... - Answer -doing so places ownership of the home at risk ____________ funds provide safety of principal - Answer -Money Market Funds The most important factor in assuring the adequacy of assets in retirement is to - Answer -Limit spending to the amount supported by income and assets The purpose of the valuation discount in a family limited partnership or LLC is for... - Answer -Federal gift and estate tax purposes The regular federal income tax liability is calculated by multiplying the appropriate tax rate by... - Answer -
taxable income A beneficiary of an IRA must be designated by.... - Answer -September 30th of the year following the year of the IRA owner's death
