This module, which contains questions and answers regarding CFP estate planning topics covered in the CFP exam. Get the CFP exam preparation you need.
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These flashcards will cover these topics:
A. Planning Process & Transfer Documents – steps in estate planning, types of wills, testator, executor, devisee, residence vs. domicile, will invalidity, survivorship clause, simultaneous death clause, living will, power of attorney, durable vs. nondurable power of attorney, springing power of attorney, health care power of attorney, power of appointment, general vs. limited vs. special, tax implications of power of appointment, ascertainable standard, 5 and 5 limit.
B. Estates, Trusts and Gifts – estates, simple trust, complex trust, grantor trust, gross income, deductions, credits, distributable net income, taxation of beneficiaries, perpetuity, grantors, trustees, beneficiaries, inter-vivos trust, testamentary trust, remainder interest trust, reversionary interest trust, revocable trust, irrevocable trust, crummy provision, spendthrift provision, standby trust, pourover trust, grantor retained annuity trust, power of appointment, credit shelter trust, qualified terminable interest property, estate tax, gift tax, GSTT, requirements for gifts, gift tax exclusion limit, present vs. future interest, unlimited marital deduction, qualified terminable interest property, basis of gift property, federal estate tax, valuation of estate assets, reconciliation of gross estate to taxable estate, tenancy in common, joint tenancy, life insurance proceeds, calculation of GSTT, gift requirements, gift of present interest, gift of future interest, gift splitting, transfers not subject to gift tax, skip persons, predeceased parent rule.
C. Marital & Charitable Deductions – requirements for marital deduction, terminable interest, exceptions to terminable interest, QTIP, requirements for qualified income interest, QDOT, non-US citizen estate taxation, charitable gifting requirements, charitable remainder trust, pooled income fund, invasion of principal, additional lifetime contributions, investment in tax exempt securities, sprinkling provisions, term certains, charitable lead trust, gifting life insurance policies, charitable tock bailouts.
D. Property Transfers & Probate – joint tenancy with rights of survivorship, tenancy by the entirety, tenancy in common, community property, effects of divorce on tenancy by the entirety, advantages and disadvantages of probate, assets which pass through/outside probate, asset valuation for probate estate, community property and probate.
E. Custodial Accounts & Post-Mortem – custodial accounts, transfers to custodial accounts, Section 2503 (b) mandatory income trusts, Section 2503 (c) minors trusts, crummy trusts, parties to guardianship, alternate valuation date, exceptions to alternate valuation date, disclaimers, disclaimer trusts, special use valuations, Section 6166 installment payments, Section 303 stock redemption, qualified family business exclusion. |
