Estate issues and wealth transfer

Question 1

Define the choices available in planning for incapacity.

Question 2

Evaluate a client situation and objectives to select the appropriate
incapacity planning strategy

Question 3

Define general powers of appointment and special powers of appointment.

Question 4

Describe the limitations of each type of powers of appointment

Question 5

Recognize the components of an estate plan that can be handled after a
client’s death

Question 6

Evaluate the circumstances under which the timing of post mortem
decisions can impact the estate tax bill.

Question 7

Describe the common non-traditional relationships such as domestic
partnerships and non-citizen estate planning, complex family arrangements.

Question 8

Summarize estate planning issues for non-traditional relationships

Question 9

Differentiate among types of titling for different assets and the rights
granted under each titling type.

Question 10

Evaluate the circumstances under which titling rights could be chosen or
modified for estate planning purposes.

Question 11

Define the term intestate.

Question 12

Explain why estate planning may be preferential to a probate scenario.

Question 13

Compare the financial outcomes of a probate estate or dying intestate with
the outcomes of a planned estate including the pros and cons of each

Question 14

Recall the current gift, estate and generation skipping tax rates.

Question 15

Calculate tax liability for various gifts and estate scenarios

Question 16

Distinguish among assets that would fall under the gift tax, estate tax
and/or GST.

Question 17

Describe the strategies to reduce tax liability using inter-vivos gifts, gifts of
future appreciation and gifts made at death.

Question 18

Explain the role trusts play in reducing or shifting estate tax liability

Question 19

Explain the concept of income in respect of a decedent

Question 20

Explain the tax issues related to IRD.

Question 21

Compare the tax consequences of an IRD vs. tax consequences for a living
individual.

Question 21

Evaluate the client situation for potential IRD

Question 21

Describe valuation discounts as a result of lack control – See Section 10.

Question 22

Describe valuation discounts as a result of lack of marketability See Section
10.

Question 23

Apply an appropriate discount based on lack of control or lack of marketability – See Section 10.

Question 24

Evaluate the client’s scenario to determine the applicability of a particular trust.

Question 25

Identify fiduciary and trustee issues for estate planning and administration.

Question 26

Compare the advantages and disadvantages of different trusts in an estate plan given client objectives.

Question 27

Describe the taxation advantages of life insurance in terms of estate taxation and gift taxation

Question 28

Describe the tax impacts of life insurance policy ownership on the estate and beneficiary.

Question 29

Outline the use of the ILIT in the estate plan.

Question 30

Recognize estate planning issues related to large illiquid assets