Test your basic knowledge |

NICEP Certified Estate Planner

Instructions:

Answer 27 questions in 15 minutes.
If you are not ready to take this test, you can study here.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.

1. What happens to community property when a couple moves to a common law state?
Estate
Gather information - Advise about the funding of the estate plan from a financial standpoint
Guardian
It retains its community property status

2. What happens to the cost basis of assets passing through...
Will or a trust
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Biggest Potential Liability to Estate Planners
No probate - Ease and speed of settlement - Full step up in cost basis

3. The unlicensed practice of law!
No probate - Ease and speed of settlement - Full step up in cost basis
Biggest Potential Liability to Estate Planners
Estate
Gather information - Advise about the funding of the estate plan from a financial standpoint

4. What does an advisor lack to protect himself from UPL?
Control and Protection
Guardian
Malpractice insurance
Stand-by Will

5. LW -- healthcare proxy
Foreigners and foreign corporations
Planning
Term for person empowered under LW and DHCPOA?
Biggest Potential Liability to Estate Planners

6. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Estate
Control and Protection
Legally binding

7. The systematic development and redevelopment of goals - policies - and procedures.
Conservator
Planning
Estate
To establish guarianship or conservatorship

8. You cannot __________ the production of the individual client's will or trust
Estate
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Deems that a trust valid in one state is valid in all states
Oversee - supervise - or control

9. DHCPOA for...
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Non-terminal medical situations
Malpractice insurance
Living Wills for terminal situations

10. 3 Ways to Transfer Wealth at Death
Deems that a trust valid in one state is valid in all states
Common Law state (CP comes from Spain - CL from England.)
Legally binding
By operation of law - By will - By contract

11. Another Name for a Pour Over Will
Biggest Potential Liability to Estate Planners
Legally binding
Stand-by Will
Gather information - Advise about the funding of the estate plan from a financial standpoint

12. Phases of the Probate Process
Assessing the estate - Filings and payment - Distribution of assets to the heirs
It retains its community property status
No probate - Ease and speed of settlement - Full step up in cost basis
Legally binding

13. When would a client need a Living Probate?
Legally binding
To establish guarianship or conservatorship
Guardian
Planning

14. In charge of the physical welfare
By operation of law - By will - By contract
Guardian
Stand-by Will
Biggest Potential Liability to Estate Planners

15. _____________________ can act as trustees in this country
Stand-by Will
Will or a trust
Foreigners and foreign corporations
Common Law state (CP comes from Spain - CL from England.)

16. What happens if a trustee fails to act?

17. Main Benefits of Transferring Wealth by Contract
No probate - Ease and speed of settlement - Full step up in cost basis
Guardian
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Legally binding

18. You cannot recommend that an individual client have a...
Will or a trust
No probate - Ease and speed of settlement - Full step up in cost basis
Gather information - Advise about the funding of the estate plan from a financial standpoint
Deems that a trust valid in one state is valid in all states

19. 2 Main Areas of Client Concern
Malpractice insurance
Control and Protection
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Foreigners and foreign corporations

20. How does the full faith and credit clause effect trusts?
Deems that a trust valid in one state is valid in all states
Will or a trust
Non-terminal medical situations
Stand-by Will

21. Can you counsel an individual client about estate planning documents?
Estate
To establish guarianship or conservatorship
Will or a trust
No

22. In charge of the business and financial affairs
Living Wills for terminal situations
Conservator
Gather information - Advise about the funding of the estate plan from a financial standpoint
Malpractice insurance

23. What can you do to help with the estate planning process?
Guardian
Malpractice insurance
Control and Protection
Gather information - Advise about the funding of the estate plan from a financial standpoint

24. If it's not a community property state - it's a _____________
Oversee - supervise - or control
Assessing the estate - Filings and payment - Distribution of assets to the heirs
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Common Law state (CP comes from Spain - CL from England.)

25. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Gather information - Advise about the funding of the estate plan from a financial standpoint
Legally binding
Living Wills for terminal situations
Estate

26. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Living Wills for terminal situations
Biggest Potential Liability to Estate Planners
Gather information - Advise about the funding of the estate plan from a financial standpoint
Conservator

27. What can attorneys and advisors never split?
Term for person empowered under LW and DHCPOA?
Estate
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Fees