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. 3 Ways to Transfer Wealth at Death
It retains its community property status
By operation of law - By will - By contract
Guardian
Biggest Potential Liability to Estate Planners

2. What can you do to help with the estate planning process?
No
Estate
Will or a trust
Gather information - Advise about the funding of the estate plan from a financial standpoint

3. When would a client need a Living Probate?
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
Foreigners and foreign corporations
To establish guarianship or conservatorship

4. What can attorneys and advisors never split?
Guardian
Fees
Non-terminal medical situations
Conservator

5. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Common Law state (CP comes from Spain - CL from England.)
No probate - Ease and speed of settlement - Full step up in cost basis
Deems that a trust valid in one state is valid in all states
Estate

6. What happens to the cost basis of assets passing through...
Guardian
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)
Foreigners and foreign corporations

7. LW -- healthcare proxy
Guardian
Gather information - Advise about the funding of the estate plan from a financial standpoint
Term for person empowered under LW and DHCPOA?
No probate - Ease and speed of settlement - Full step up in cost basis

8. You cannot recommend that an individual client have a...
Fees
Will or a trust
No probate - Ease and speed of settlement - Full step up in cost basis
Control and Protection

9. _____________________ can act as trustees in this country
Stand-by Will
Foreigners and foreign corporations
Living Wills for terminal situations
Control and Protection

10. If it's not a community property state - it's a _____________
It retains its community property status
Non-terminal medical situations
Guardian
Common Law state (CP comes from Spain - CL from England.)

11. In charge of the physical welfare
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Legally binding
Fees
Guardian

12. DHCPOA for...
Estate
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Non-terminal medical situations
Planning

13. Main Benefits of Transferring Wealth by Contract
Planning
Legally binding
Control and Protection
No probate - Ease and speed of settlement - Full step up in cost basis

14. What does an advisor lack to protect himself from UPL?
Term for person empowered under LW and DHCPOA?
Biggest Potential Liability to Estate Planners
It retains its community property status
Malpractice insurance

15. Phases of the Probate Process
Planning
Malpractice insurance
Assessing the estate - Filings and payment - Distribution of assets to the heirs
The probate court won't allow the trust to fail and will appoint a trustee if necessary

16. Can you counsel an individual client about estate planning documents?
Non-terminal medical situations
Living Wills for terminal situations
Control and Protection
No

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

18. How does a Living Will differ from a Durable Healthcare Power of Attorney?
To establish guarianship or conservatorship
Living Wills for terminal situations
Gather information - Advise about the funding of the estate plan from a financial standpoint
Legally binding

19. The systematic development and redevelopment of goals - policies - and procedures.
Planning
Malpractice insurance
Living Wills for terminal situations
Control and Protection

20. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
By operation of law - By will - By contract
Malpractice insurance
Legally binding
Oversee - supervise - or control

21. What happens if a trustee fails to act?

22. In charge of the business and financial affairs
Conservator
Foreigners and foreign corporations
It retains its community property status
Control and Protection

23. You cannot __________ the production of the individual client's will or trust
Will or a trust
No probate - Ease and speed of settlement - Full step up in cost basis
Oversee - supervise - or control
Legally binding

24. How does the full faith and credit clause effect trusts?
Will or a trust
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Deems that a trust valid in one state is valid in all states

25. 2 Main Areas of Client Concern
Legally binding
Non-terminal medical situations
Common Law state (CP comes from Spain - CL from England.)
Control and Protection

26. What happens to community property when a couple moves to a common law state?
Control and Protection
To establish guarianship or conservatorship
It retains its community property status
The probate court won't allow the trust to fail and will appoint a trustee if necessary

27. The unlicensed practice of law!
Planning
Biggest Potential Liability to Estate Planners
Estate
Foreigners and foreign corporations