Estate Planning 635 Exam 1 questions
well answered
Which of the following is not an estate planning goal?
Maximizing the gross estate
Minimizing transfer taxes.
Providing for liquidity at death.
Fulfilling client's healthcare decisions.
Maximizing the gross estate
We have an expert-written solution to this problem!
As a financial planner, you are preparing for a meeting with a new client, Jorge. What would you
most likely ask Jorge to bring to the meeting?
Any will and codicil.
Pictures of his children
His parents
Sales records for his business.
Any will and codicil.
We have an expert-written solution to this problem!
,Although he has a vast fortune, Tricky has decided not to prepare an estate plan because he
believes that his surviving family members will divide up his assets appropriately. Which of the
following is not a risk associated with failing to plan an estate?
Tricky's insurance policy on his own life may not be paid out to the named beneficiary.
Tricky's estate could incur excessive transfer taxes.
Tricky's favorite car may not be transferred to his ex-wife, Carla
Tricky's current wife, Dixie, may not provide for his children from a previous marriage.
Tricky's insurance policy on his own life may not be paid out to the named beneficiary.
Which of the following activities would be considered the unauthorized practice of law for a
financial planner who is not a licensed attorney?
Preparing a will for a client
Helping a client to identify his financial planning goals.
Preparing financial statements for a prospective client.
Reading the will and trusts for a client.
Preparing a will for a client
Which of the following advisors is/are qualified to give estate planning advice?
1. Attorneys.
2. CPAs.
3. Financial planners.
,1, 2 and 3.
1 only.
1 and 2.
2 and 3.
1, 2 and 3.
The best definition of estate planning is:
A plan for managing property during lifetime and at death.
A plan for the disposition of all assets at death.
Titling and beneficiary naming.
Investment planning.
A plan for managing property during lifetime and at death.
We have an expert-written solution to this problem!
All of the following are transfer costs associated with estate planning except:
Property taxes on inherited property.
Estate and inheritance taxes.
Costs of retitling real estate.
Attorney fees for documents.
Property taxes on inherited property.
, We have an expert-written solution to this problem!
You, as a non-attorney CFP®, are asked to assist one of your clients who is very frugal to prepare
her will using legalzoom.com. Which is correct?
You cannot assist her.
Legalzoom is not very good and you should direct her to "will maker."
It is permissible as long as you are not a heir, legatee or beneficiary.
It is permissible as long as you get a waiver from your client.
You cannot assist her.
You are a CFP® and although you never went to law school, you consider yourself to be very
good at reviewing wills. Your client, Catherine, asks you to prepare a will for her. Should you
prepare a will for Catherine?
No, preparing Catherine's will would be considered the unauthorized practice of law.
Yes, Catherine is your best client and you might lose her if you do not prepare the will.
Yes, it is permissible for a CFP® professional to prepare a legal document.
No, you should only prepare Catherine's will if you are going to prepare her husband's will as
well.
No, preparing Catherine's will would be considered the unauthorized practice of law.
Although he has a vast fortune, Ricky has decided not to prepare an estate plan because he
believes that his surviving family members will divide up his assets appropriately. Which of the
following is not a risk associated with failing to plan an estate?
Ricky's insurance policy on his own life may not be paid out to the named beneficiary.
well answered
Which of the following is not an estate planning goal?
Maximizing the gross estate
Minimizing transfer taxes.
Providing for liquidity at death.
Fulfilling client's healthcare decisions.
Maximizing the gross estate
We have an expert-written solution to this problem!
As a financial planner, you are preparing for a meeting with a new client, Jorge. What would you
most likely ask Jorge to bring to the meeting?
Any will and codicil.
Pictures of his children
His parents
Sales records for his business.
Any will and codicil.
We have an expert-written solution to this problem!
,Although he has a vast fortune, Tricky has decided not to prepare an estate plan because he
believes that his surviving family members will divide up his assets appropriately. Which of the
following is not a risk associated with failing to plan an estate?
Tricky's insurance policy on his own life may not be paid out to the named beneficiary.
Tricky's estate could incur excessive transfer taxes.
Tricky's favorite car may not be transferred to his ex-wife, Carla
Tricky's current wife, Dixie, may not provide for his children from a previous marriage.
Tricky's insurance policy on his own life may not be paid out to the named beneficiary.
Which of the following activities would be considered the unauthorized practice of law for a
financial planner who is not a licensed attorney?
Preparing a will for a client
Helping a client to identify his financial planning goals.
Preparing financial statements for a prospective client.
Reading the will and trusts for a client.
Preparing a will for a client
Which of the following advisors is/are qualified to give estate planning advice?
1. Attorneys.
2. CPAs.
3. Financial planners.
,1, 2 and 3.
1 only.
1 and 2.
2 and 3.
1, 2 and 3.
The best definition of estate planning is:
A plan for managing property during lifetime and at death.
A plan for the disposition of all assets at death.
Titling and beneficiary naming.
Investment planning.
A plan for managing property during lifetime and at death.
We have an expert-written solution to this problem!
All of the following are transfer costs associated with estate planning except:
Property taxes on inherited property.
Estate and inheritance taxes.
Costs of retitling real estate.
Attorney fees for documents.
Property taxes on inherited property.
, We have an expert-written solution to this problem!
You, as a non-attorney CFP®, are asked to assist one of your clients who is very frugal to prepare
her will using legalzoom.com. Which is correct?
You cannot assist her.
Legalzoom is not very good and you should direct her to "will maker."
It is permissible as long as you are not a heir, legatee or beneficiary.
It is permissible as long as you get a waiver from your client.
You cannot assist her.
You are a CFP® and although you never went to law school, you consider yourself to be very
good at reviewing wills. Your client, Catherine, asks you to prepare a will for her. Should you
prepare a will for Catherine?
No, preparing Catherine's will would be considered the unauthorized practice of law.
Yes, Catherine is your best client and you might lose her if you do not prepare the will.
Yes, it is permissible for a CFP® professional to prepare a legal document.
No, you should only prepare Catherine's will if you are going to prepare her husband's will as
well.
No, preparing Catherine's will would be considered the unauthorized practice of law.
Although he has a vast fortune, Ricky has decided not to prepare an estate plan because he
believes that his surviving family members will divide up his assets appropriately. Which of the
following is not a risk associated with failing to plan an estate?
Ricky's insurance policy on his own life may not be paid out to the named beneficiary.
