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NICEP Certified Estate Planner

Instructions:

Answer 27 questions in 15 minutes.
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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
Malpractice insurance
Oversee - supervise - or control
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Non-terminal medical situations

2. How does the full faith and credit clause effect trusts?
Legally binding
Deems that a trust valid in one state is valid in all states
Fees
By operation of law - By will - By contract

3. What happens to community property when a couple moves to a common law state?
Estate
It retains its community property status
No probate - Ease and speed of settlement - Full step up in cost basis
Living Wills for terminal situations

4. 2 Main Areas of Client Concern
Control and Protection
No
Malpractice insurance
Living Wills for terminal situations

5. The systematic development and redevelopment of goals - policies - and procedures.
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Oversee - supervise - or control
No probate - Ease and speed of settlement - Full step up in cost basis
Planning

6. Can you counsel an individual client about estate planning documents?
It retains its community property status
Oversee - supervise - or control
No
Will or a trust

7. In charge of the business and financial affairs
Foreigners and foreign corporations
Conservator
Common Law state (CP comes from Spain - CL from England.)
The probate court won't allow the trust to fail and will appoint a trustee if necessary

8. What does an advisor lack to protect himself from UPL?
No
Biggest Potential Liability to Estate Planners
Deems that a trust valid in one state is valid in all states
Malpractice insurance

9. 3 Ways to Transfer Wealth at Death
Gather information - Advise about the funding of the estate plan from a financial standpoint
By operation of law - By will - By contract
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)

10. What can you do to help with the estate planning process?
Legally binding
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)
Will or a trust

11. In charge of the physical welfare
No
Biggest Potential Liability to Estate Planners
Guardian
Will or a trust

12. Phases of the Probate Process
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Term for person empowered under LW and DHCPOA?
Legally binding
Fees

13. LW -- healthcare proxy
Oversee - supervise - or control
Planning
Term for person empowered under LW and DHCPOA?
Will or a trust

14. Another Name for a Pour Over Will
Planning
Gather information - Advise about the funding of the estate plan from a financial standpoint
Foreigners and foreign corporations
Stand-by Will

15. Main Benefits of Transferring Wealth by Contract
Common Law state (CP comes from Spain - CL from England.)
Deems that a trust valid in one state is valid in all states
No probate - Ease and speed of settlement - Full step up in cost basis
The probate court won't allow the trust to fail and will appoint a trustee if necessary

16. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Conservator
Assessing the estate - Filings and payment - Distribution of assets to the heirs
By operation of law - By will - By contract
Legally binding

17. What happens to the cost basis of assets passing through...
Biggest Potential Liability to Estate Planners
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Control and Protection
Conservator

18. If it's not a community property state - it's a _____________
To establish guarianship or conservatorship
Foreigners and foreign corporations
Common Law state (CP comes from Spain - CL from England.)
Biggest Potential Liability to Estate Planners

19. When would a client need a Living Probate?
Estate
Stand-by Will
No
To establish guarianship or conservatorship

20. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Fees
Gather information - Advise about the funding of the estate plan from a financial standpoint
Estate
By operation of law - By will - By contract

21. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Foreigners and foreign corporations
Living Wills for terminal situations
Legally binding
No probate - Ease and speed of settlement - Full step up in cost basis

22. _____________________ can act as trustees in this country
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)
Gather information - Advise about the funding of the estate plan from a financial standpoint
No probate - Ease and speed of settlement - Full step up in cost basis

23. The unlicensed practice of law!
No probate - Ease and speed of settlement - Full step up in cost basis
Fees
Biggest Potential Liability to Estate Planners
Deems that a trust valid in one state is valid in all states

24. DHCPOA for...
No probate - Ease and speed of settlement - Full step up in cost basis
Living Wills for terminal situations
Non-terminal medical situations
Planning

25. What can attorneys and advisors never split?
Will or a trust
No
Estate
Fees

26. You cannot recommend that an individual client have a...
Will or a trust
Conservator
It retains its community property status
Living Wills for terminal situations

27. What happens if a trustee fails to act?

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NICEP Certified Estate Planner

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