1. Intro to Estate Planning Quiz - Exam
1 questions well answered
Which of the following are estate planning goals?
All of the above
Fulfilling client's healthcare decisions
Minimizing transfer taxes
Providing liquidity at death - correct answer ✔✔ All of the above
Which of the following advisors can play an advisory role on the estate planning team?
Financial planners
CPAs
All of the above
Attorneys - correct answer ✔✔ All of the above
True or False: You are a Certified Financial Planning profession but you are not an attorney. Your
client asks you to help them creating a will using legalzoom.com. You are able to help them.
True
False - correct answer ✔✔ False
You are a Financial Planner but not a licensed attorney. Which of the following activities would
be considered the unauthorized practice of law?
Preparing a will for a client
Reading the will and trusts for a client
Helping a client to identify their estate planning goals
, Preparing a Net Worth Statement for a client - correct answer ✔✔ Preparing a will for a client
John has decided not to prepare an estate plan because he thinks the costs are too high. All of
the following are risks of not having an estate plan EXCEPT:
John's current wife may not provide for his children from a prior marriage
John's estate could incur extra transfer taxes
John's IRA will not be paid to his beneficiary
John's car may not be transferred to his mother as he wishes - correct answer ✔✔ John's IRA
will not be paid to his beneficiary
An Estate plan is:
a plan for managing property during lifetime and at death
a plan for managing investments
a plan for disposition of assets at death
only needed if you are wealthy - correct answer ✔✔ a plan for managing property during
lifetime and at death
The following are transfer costs associated with estate planning EXCEPT:
Property taxes on inherited property
Costs of retitling assets
Attorney fee for document preparation
Estate and inheritance taxes - correct answer ✔✔ Property taxes on inherited property
Miguel and Maria (siblings) purchase a vacation condo for $300,000. Miguel expects to use it
70% of the time and Sara 30% of the time. Miguel contributes $210,000. The ownership
percentage equals their contribution percentage. How must the property be titled to reflect
their ownership interests?
Tenancy by the Entirety
1 questions well answered
Which of the following are estate planning goals?
All of the above
Fulfilling client's healthcare decisions
Minimizing transfer taxes
Providing liquidity at death - correct answer ✔✔ All of the above
Which of the following advisors can play an advisory role on the estate planning team?
Financial planners
CPAs
All of the above
Attorneys - correct answer ✔✔ All of the above
True or False: You are a Certified Financial Planning profession but you are not an attorney. Your
client asks you to help them creating a will using legalzoom.com. You are able to help them.
True
False - correct answer ✔✔ False
You are a Financial Planner but not a licensed attorney. Which of the following activities would
be considered the unauthorized practice of law?
Preparing a will for a client
Reading the will and trusts for a client
Helping a client to identify their estate planning goals
, Preparing a Net Worth Statement for a client - correct answer ✔✔ Preparing a will for a client
John has decided not to prepare an estate plan because he thinks the costs are too high. All of
the following are risks of not having an estate plan EXCEPT:
John's current wife may not provide for his children from a prior marriage
John's estate could incur extra transfer taxes
John's IRA will not be paid to his beneficiary
John's car may not be transferred to his mother as he wishes - correct answer ✔✔ John's IRA
will not be paid to his beneficiary
An Estate plan is:
a plan for managing property during lifetime and at death
a plan for managing investments
a plan for disposition of assets at death
only needed if you are wealthy - correct answer ✔✔ a plan for managing property during
lifetime and at death
The following are transfer costs associated with estate planning EXCEPT:
Property taxes on inherited property
Costs of retitling assets
Attorney fee for document preparation
Estate and inheritance taxes - correct answer ✔✔ Property taxes on inherited property
Miguel and Maria (siblings) purchase a vacation condo for $300,000. Miguel expects to use it
70% of the time and Sara 30% of the time. Miguel contributes $210,000. The ownership
percentage equals their contribution percentage. How must the property be titled to reflect
their ownership interests?
Tenancy by the Entirety
