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. You cannot __________ the production of the individual client's will or trust
Fees
Oversee - supervise - or control
Malpractice insurance
Non-terminal medical situations

2. LW -- healthcare proxy
Term for person empowered under LW and DHCPOA?
Control and Protection
Guardian
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

3. In charge of the physical welfare
Biggest Potential Liability to Estate Planners
Guardian
Control and Protection
Oversee - supervise - or control

4. Can you counsel an individual client about estate planning documents?
Non-terminal medical situations
Oversee - supervise - or control
Malpractice insurance
No

5. Another Name for a Pour Over Will
Foreigners and foreign corporations
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Stand-by Will
Oversee - supervise - or control

6. In charge of the business and financial affairs
Non-terminal medical situations
It retains its community property status
Foreigners and foreign corporations
Conservator

7. What can you do to help with the estate planning process?
Gather information - Advise about the funding of the estate plan from a financial standpoint
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Malpractice insurance
Deems that a trust valid in one state is valid in all states

8. What can attorneys and advisors never split?
Fees
Control and Protection
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Will or a trust

9. You cannot recommend that an individual client have a...
By operation of law - By will - By contract
Will or a trust
Foreigners and foreign corporations
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

10. 3 Ways to Transfer Wealth at Death
Gather information - Advise about the funding of the estate plan from a financial standpoint
Fees
Assessing the estate - Filings and payment - Distribution of assets to the heirs
By operation of law - By will - By contract

11. The unlicensed practice of law!
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Conservator
Biggest Potential Liability to Estate Planners
No probate - Ease and speed of settlement - Full step up in cost basis

12. What happens to community property when a couple moves to a common law state?
Deems that a trust valid in one state is valid in all states
It retains its community property status
No probate - Ease and speed of settlement - Full step up in cost basis
Estate

13. What does an advisor lack to protect himself from UPL?
Biggest Potential Liability to Estate Planners
Malpractice insurance
It retains its community property status
Legally binding

14. If it's not a community property state - it's a _____________
Guardian
Conservator
Common Law state (CP comes from Spain - CL from England.)
Non-terminal medical situations

15. Main Benefits of Transferring Wealth by Contract
No probate - Ease and speed of settlement - Full step up in cost basis
Term for person empowered under LW and DHCPOA?
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
No

16. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Guardian
Biggest Potential Liability to Estate Planners
Estate
Deems that a trust valid in one state is valid in all states

17. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Foreigners and foreign corporations
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Living Wills for terminal situations

18. The systematic development and redevelopment of goals - policies - and procedures.
Fees
Estate
Planning
Malpractice insurance

19. When would a client need a Living Probate?
Malpractice insurance
Gather information - Advise about the funding of the estate plan from a financial standpoint
To establish guarianship or conservatorship
Foreigners and foreign corporations

20. Phases of the Probate Process
Guardian
To establish guarianship or conservatorship
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Control and Protection

21. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
To establish guarianship or conservatorship
Non-terminal medical situations
Legally binding
Estate

22. What happens if a trustee fails to act?

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23. DHCPOA for...
Fees
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Term for person empowered under LW and DHCPOA?
Non-terminal medical situations

24. 2 Main Areas of Client Concern
Biggest Potential Liability to Estate Planners
Common Law state (CP comes from Spain - CL from England.)
Control and Protection
Gather information - Advise about the funding of the estate plan from a financial standpoint

25. How does the full faith and credit clause effect trusts?
Will or a trust
Deems that a trust valid in one state is valid in all states
Biggest Potential Liability to Estate Planners
It retains its community property status

26. What happens to the cost basis of assets passing through...
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Estate
Malpractice insurance
To establish guarianship or conservatorship

27. _____________________ can act as trustees in this country
Deems that a trust valid in one state is valid in all states
Foreigners and foreign corporations
Term for person empowered under LW and DHCPOA?
Gather information - Advise about the funding of the estate plan from a financial standpoint