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CFP Exam - BIF Exam Prep > BU - Estate Planning > Flashcards

BU - Estate Planning Flashcards

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1
Q

Ownership Titling: Separate or Individual

A

1 owner
asset is transferable with owner’s control
no automatic survivorship
100% probate exposed
100% included in gross estate

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2
Q

Ownership Titling: JTWROS

A

2 or more owners
transferable with out approval of JT
automatic survivorship at death of JT
not exposed to probate
50% of FMV if owners are spouses is included in gross estate
if owners are not spouses, then FMV x % of contribution

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3
Q

POA: non-durable

A

effective immediately until incapacitated
also used if a principal needs an agent to complete a task while on vacation

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4
Q

Ownership Titling: Tenancy by Entirety

A

2 owners; spouses
transferable with approval of JT
automatic survivorship to other owner
No probate
50% of FMV in gross estate

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5
Q

Ownership Titling: Tenancy in Common

A

Several owners
Transferable by each owner, separately and based on interest
No automatic survivorship, follows will or probate
exposed to probate, FMV of interest
FMV % of ownership is included in gross estate

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6
Q

Ownership Titling: Community Property

A

2 owners, spouses
transferable with both spouse’s approval
Automatic survivorship if titled WROS or Joint
Assets that do not transfer are exposed to probate
50% of the value of decedent’s interest is includible

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7
Q

POA: Durable

A

effective immediately until death

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8
Q

POA: general

A

effective immediately until disabled or incapacitated
authority to make broad array of decisions

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9
Q

POA: springing

A

effective when the principal is CONFIRMED incapacitated
can be timely

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10
Q

POA: special

A

agent only acts for a specific matter, ends when task is completed or time has expired

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11
Q

Step Up Basis Spousal JTWROS and Non-spousal JTWROS

A

Spouses split basis 50/50, and the surviving spouse receives full step up of dead spouse

non-spouses split basis based on % of contribution, the surviving tenants the dead tenants full step up

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12
Q

What is Testamentary Capacity (3)

A

The creator must know they are executing a will
The creator must be aware of what assets they own
The creator must know and remember their relationship with their beneficiaries

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13
Q

What causes a will to be invalid?

A

Fraud
The testator being subject to undue influence by someone benefiting from the will
Mistakes in the will clauses
Will not properly executed

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14
Q

Types of Will

A

Mutual will - agreement with another person to dispose of certain property interest
Reciprocal Will - each person designates all property be distributed to the other
Holographic Will - handwritten will
Nuncupative Will - oral will

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15
Q

How to avoid probate

A

Trusts
Law - JTWROS, Tenancy by the Entirety, joint bank, POD/TOD, life estates
Contract - named beneficiaries on insurance policies, retirement, pension, annuities

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16
Q

Per Capita

A

Assets distributed evenly amount all survivors

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17
Q

Per Capita by Generation

A

Assets distributed evenly by generations (similar to grandma’s)

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18
Q

Per Stirpes

A

Transferred to a deceased beneficiary’s children evenly

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19
Q

AVD

A

To receive lower valuation of the estate - reducing taxation
Executor makes the election
Valuation dates is 6 months from death
Selected 1 year of return filing - including extensions
Used on form 706

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20
Q

Assets excluded from AVD

A

Depreciating assets whose value declines over time, such as cars, patents, life estates and remainder interests

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21
Q

Property transferred via Will & subject to probate

A

Solely owned personal or real property
Tenancy in Common
Community Property
Property passing from the will into a testamentary trust
Property transferred by a pour over will into a trust
Life ins policy owned by the decedent who was not the insured

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22
Q

Property not transferred by will & subject to probate

A

Intestate property
Life ins proceeds payable to decedent’s estate
Homestead and exempt property allowances

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23
Q

Annual Exclusions apply only to present interest gifts

A
  • Present gifts in Trusts: irrevocable trust and beneficiary will immediately receive income for life or certain term
  • Present gifts to Minors:

UGMA/UTMA

529 Plans

2503(b) trust (multiple beneficiaries)

2503(c) trust (one beneficiary, income accumulates until 21)*exception

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24
Q

Future Interest Gifts Examples - do not apply for annual exclusion

A

Remainder interest in property

Trust that accumulates income (except 2503(c))

Non-income producing property in trusts: unless the trustee can sell and buy income producing property

Trust has a sprinkle or spray provision

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25
Q

Gift Splitting

A

Spouses only & would apply to ALL gifts that calendar year

Form 709 is filed separately by each spouse if the split value exceeds the annual exclusion;

Form 709 is filed by the donor spouse if the split gifts are less than the annual exclusion (ex: 20K), and the other shows “consent”

Form 709 is not filed if the entire gift is less than the annual exclusion

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26
Q

Qualified Disclaimers & Requirements

A

Treated as if the property went directly from the original transferor to the person who ended up receiving the property

Requirements: refusal or rejection in writing

The writing must be received no later than nine months after the later of:

  • the date on which the transfer creating the interest is made, or
  • the date the person disclaiming reaches age 21.
  • The person disclaiming must not have accepted the property interest or any benefits of the property.
  • Someone other than the disclaimant receives the disclaimed property interest. The person making the disclaimer cannot in any way influence the potential recipient of the property.
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27
Q

When to use a qualified disclaimer

A

Transfers involving large gifts

Tax-free to the contingent donee

Spouse is donee and doesn’t want the gift

You cannot benefit from the gifted property first, and then elect to treat the property as a qualified disclaimer. The election to use a qualified disclaimer to transfer the property is permanent and cannot be undone.

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28
Q

If gifted property with gains…

A

The donee will assume the donor’s basis & holding period

If gift taxes are paid by donor, there is a gift tax adjustment made to the donee’s basis

Gift tax adjustment = (FMV-OG basis / FMV or FMV-annual exclusion) x gift tax pd + basis

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29
Q

If gifted with a loss…

A

Wait and see what happens with the final sale

Need to know FMV on date of gift, original basis and final sale price

If Final Sale > original basis → original basis and holding period are used

If Final Sale < FMV on date of gift → FMV and date of gift are used

If Final Sale is between original basis & FMV on date of gift → no gain or loss

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30
Q

When can you elect ADV

A

Has to be elected by the executor

When the ADV will reduce gross estate value AND reduce gross estate tax and GSTT

Form 706 has to be filed by 1 year of date of death

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31
Q

Transfers with no limits (2)

A

Medical bills paid directly to the medical facility

Tuition paid directly to the school

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32
Q

Calculating Taxable Estate

A

Gross Estate - expenses, debts, taxes losses

Adj. Gross Estate - marital deduction - charitable deduction

=Taxable Estate

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33
Q

Generation Skipping Transfer

A

Skip person is 2 or more generations below the transferor GST task is addition to gift tax and estate tax GSTT annual exclusion of $16k and exemption of $12MM Flat tax is 40%

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34
Q

3 Types of GST

A

Direct skips

Taxable Distributions

Taxable Terminations

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35
Q

Direct Skips

A

Subject to an estate and gift tax - direct, no trusts involved

Transferor pays GST tax

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36
Q

Taxable Distributions

A

A distribution of income or corpus from a trust to a skip person, not otherwise subject to estate or gift tax G1 creates trust and G3 receives income

Transferee pay GST

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37
Q

Taxable Termination

A

Death, lapse of time, release of power or an interest in property held in a trust resulting in a skip person holding all the interest in the trust

G1 creates trust, G2 can receive income, upon G2’s death, the G3s hold all the interest

Trustee pays GST

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38
Q

Federal Estate Tax Calculation Steps (5)

A
  1. Determine the value of the gross estate (everything owned and owed)
  2. Arrive at the adjusted gross estate
  3. Determining the taxable estate
  4. Calculating the federal estate tax payable before credits
  5. Apply allowable credits to arrive at the net federal estate tax
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39
Q

What form used for estate taxes

A

Form 706 Filed by the executor and due within 9 months of the death

$12MM exclusion = $4.7M in taxes

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40
Q

Estate Formula

A

Gross Estate

  • Expenses, debts, taxes & losses

Adjusted Gross Estate

  • Marital deduction
  • Charitable deduction

Taxable Estate

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41
Q

Marital Deduction

A

Unlimited for most gifts made to a spouse

Except non-citizen spouse is limited to $164k

Also not available for Terminable Interest Property

42
Q

Charitable Gift Annuities (CLAT)

A

Donor transfers cash or property to a charity and the charity pays the donor (or other donees) an annuity payment each year for life

Gift tax charitable deduction is the PV of the charity’s remainder interest

Gift annuities payments to others: gift tax is the PV of the annuity payment

43
Q

Pooled Income Funds

A

A donor gifts property to a charity and receives an annual pro-rate share of income from the charity’s commingled funds, for life

Add’l gifts can be made to the fund to increase donor’s income stream

Charity manages the fund and cannot invest in tax-exempt securities

Donor takes an income tax deduction for the PV of the charity’s remainder interest

Donor pays income tax on the income received from the fund

44
Q

Private Foundation

A

Separate legal entity, either a not-for-profit or tax-exempt trust

Family members who make gifts to the foundation may take an income tax deduction limited to 30% for cash and 20% for LTCG property

Foundation must distribution 5% of the assets to public charities annually

45
Q

Donor-Advised Funds

A

Maintained by charities, community foundations or mutual fund companies

Donor may contribute cash, stock or other property to their individual fund accounts and select the charities they want to receive grants

46
Q

Estate Planning Process

A
  1. Gather significant data from the client.
  2. Establish and prioritize estate planning objectives.
  3. Identify the factors that limit or affect the selection of estate planning techniques.
  4. Identify estate planning weaknesses before selecting a technique.
  5. Select an appropriate estate planning technique.
  6. Implement the estate planning technique.
  7. Monitor the plan for revisions and modifications.
47
Q

Simple Trust v Complex Trust

A

Simple:

No distribution of principal

MUST distribute all income

$300 Income exemption

No charitable beneficiary/deduction permitted

Complex:

Yes distribution of principal is permitted

No all income doesn’t have to be distributed

$100 income exemption amount

Yes allowed a charitable beneficiary/deduction

48
Q

Revocable Trusts

A

Grantor has the right to terminate

Transfer of assets does NOT constitute a completed gift

Assets in the trust are subject to estate tax at grantor’s death

Used for estate planning, avoiding probate and fully amendable

49
Q

Irrevocable Trusts

A

Can not revoke once created

Transfers of assets are generally considered a completed gift

Assets in the trust are generally not subject to estate tax at grantors death

Uses: estate planning, asset protection, avoids probate, medical planning, tax deductions, amendable somewhat*

50
Q

Types of Trusts

A

Living (Inter-Vivos) Trust - established during grantor’s lifetime and effective immediately, avoids probate

Testamentary Trust - created through a will, funded after death, reduces estate taxes, provides professional investment management

Revocable Trusts

Irrevocable Trusts - property not included in gross estate

If you make a revocable trust, irrevocable and then die within 3 years, the property is brought back into the gross estate

Standby Trust - manages assets if creator becomes incapacitated, grantor is the trustee and beneficiary

51
Q

Filing Requirement of Trusts

A

Form 1041 by the fiduciary if there is any taxable income, gross income of $600 (regardless if taxable) or beneficiary is a non-resident

Use Trust Tax tables on income THAT REMAINS IN THE TRUST, otherwise the beneficiary will pay taxes on the income received

52
Q

Trust Accounting Income

A

Items of income and expense that are used to determine the amount the income beneficiaries are entitled to receive from the trust each year

Does not determine the trust’s taxable income or who will pay

Trust document will usually specify what account income is

53
Q

Trust Taxable Income

A

Determined by subtracting from income deduction such as distributions, charitable contributions, investment interest, investment fees

In addition, the trust is entitled to the appropriate personal exemption

54
Q

Distributable Net Income (DNI)

A

Allocated the taxable income between beneficiary and the trust

DNI represents the max that can be taxed to the beneficiary

The beneficiary will be responsible for taxes on the lesser of the DNI allocation, or the amount required to be distributed

Example: if trust earns $10k, and distributions $12k, the first $10k is income and taxed, the remaining is tax free distribution of corpus

55
Q

Trustee Holds ____ Title

Beneficiary Holds _____ Title

A

Trustee Holds LEGAL Title

Beneficiary Holds EQUITABLE Title

56
Q

GRATS & GRUTS

A

Irrevocable trusts which the grantor places assets and retains interests for set term

The principal at the end of term pass to non-charitable beneficiaries

GRAT - Grantor retained annuity trust

Fixed payment at least annually based on % of initial valuation

No add’l assets permitted Conservative

GRUT - Grantor retained unitrust

Fixed payment at least annually based on % of annual valuation

Add’l assets permitted

Moderate to aggressive

57
Q

Purpose of GRATs/GRUTS

A

Transfer property in the trust at a reduced (or zero) gift tax value

Pass appreciation to beneficiaries without incurring add’l gift tax

Reduce value of the grantor’s gross estate

58
Q

Charitable Lead Trusts

A

If “grantor-CLT” there is a large, front loaded tax deduction, non-grantor gets no deduction

Charity lead - means charity gets benefit of trust first, then beneficiaries get remaining corpus

CLAT - annuity payment, risk-averse.

CLUT - % payment, annually revaluated, can add additional assets and inflation hedged. Moderate to aggressive risk tolerance

59
Q

Charity Remainder Trusts

A

Charity benefits after set term. FMV - PV of income stream

CRAT - annuity payments

CRUT - % payment, revaluated annually, can add additional funds and inflation hedgeing

60
Q

TIPS

A

Terminable Interest Property

Interest in property that may terminate on the happening or failure of some event or contingency

Example: spouse receives income interest in trust for life or a term of years, afterwards the trust passes on to beneficiary

Marital deduction is not available except for 2 exceptions

Exception 1. Surviving spouse is given a life estate and given general power of appointment over corpus

Exception 2. donor spouse “qualifies” the TIP or the executor elects Q-TIP

61
Q

Gift Tax and Estate Tax Consequences for TIPS

A

Gift: Donor spouse cannot take a marital deduction for gifting TIP, but can take annual exclusion for the present interest

Estate: surviving spouse will not include in their estate at death, donor spouse will remove the property from their estate

62
Q

Estate Equalization

A

Estate is dived into two parts and taxed at a lower rate rather than remaining as a whole and taxed at a higher rate.

This division may be necessary because of the progressive nature of the federal estate tax

63
Q

A-Trust

A

marital trust that provides the surviving spouse with general power of appointment, access to income and ability to invade the corpus during life

64
Q

B-Trust (By-pass Trust)

A

spouse trust that avoids “over-qualifying” the decedent spouse’s estate for the marital deduction by utilizing the maximum unified credit.

Allows the surviving spouse to obtain income as needed.

Trust assets are not included surviving spouse’s estate at death

65
Q

QTIP

A

privies the beneficiary spouse with income for life, qualifies the trust for the marital deduction and gives the trust corpus to children from a previous marriage

66
Q

Disclaimer Trust

A

estate planning technique where married couple incorporates an irrevocable trust which is funded if the surviving spouse chooses to “disclaim” or refuse to accept the outright distribution of certain assets following the deceased spouse’s death

67
Q

Ascertainable Standard

A

added to trust to give the trustee guidance as far as when and how they need to make distributions to the beneficiaries. A trustee can make distributions to a beneficiary for health, education, maintenance, and support

68
Q

Estate Trust

A

qualifies property for a marital deduction in the decedent’s estate.

Used if the beneficiary spouse has substantial wealth and does not need the trust income or corpus.

69
Q

Tool used to minimize total estate tax liability for combined estates

A

estate equalization

70
Q

Surviving spouse to receive all income at least annually

A

A Trust or QTIP

71
Q

Surviving spouse receives income IF NEEDED

A

B or Estate Trust

72
Q

Decedent spouse to receive a marital deduction

A

A Trust

QTIP

Estate Trust

Outright gift to spouse

73
Q

Surviving spouse chooses beneficiaries

A

A Trust

Estate Trust

74
Q

Surviving spouse determines what portion of the decedent’s estate to transfer into a trust to use the decedent’s unified credit

A

disclaimer trust

75
Q

surviving spouse has access to trust income for HEMS without including in their estate

A

Ascertainable standard

76
Q

QDOT

A

Qualified domestic trust

unlimited marital deduction does not apply to non-citizen spouses UNLESS assets go into a QDOT

QDOT ensures that the assets will not ultimately leave the US without being taxed

77
Q

ILITs

A

Irrevocable Life Insurance Trust

Provides liquidity for payment of all death taxes with life ins policy

If grantor transfers an existing policy into the trust, there is a 3 year rule, otherwise policy is included in grantor’s estate

Owner of the policy is the trust

Beneficiary of the policy is the trust Insured in the grantor

78
Q

Unfunded ILITs

A

Includes only the life insurance policy

Grantor transfers money into the trust each year to pay the premiums

Crummy powers are given to beneficiary’s to qualify for the annual gift exclusion

79
Q

Funded ILITs

A

Includes a life insurance policy and income producing property like bonds

Does not require crummy powers

Grantor is taxed on trust income

80
Q

Special Needs Trusts

A

Used to preserve eligibility for government benefits and pay for extra services not covered

Can be funded with assets or life insurance premiums

Covers medical expenses not covered by Medicaid, supplemental attendant and custodial care, add’l therapies and respite for family caregivers

Also pays for telephones, computers, cable, basic household furnishing and travel + companion

81
Q

2503(b) Trusts

A

Bring Beneficiaries Bucks

Income must distribute at least annually

Corpus may be withheld form the beneficiary until death Income interest is eligible for annual exclusion

Corpus will be excluded from donor’s estate, if not a trustee

Corpus may also be excluded from the beneficiary if the income interest terminates at beneficiary’ death

82
Q

2503(c)

A

Cease Current Cash Income is not required to be distributed

Corpus must be distributed no later than age 21

Entire gift is eligible for annual exclusion

Income accumulated in the trust is taxed to the trust

If beneficiary dies before 21, accumulated trust income and corpus must go to their estate

83
Q

Family Limited Partnerships - what is it?

A

Pass-through entity established under state law - consisting entirely of family members

Allows senior family members to transfer property to junior family members at significant reduced costs

84
Q

Family Limited Partnerships - Advantages and disadvantages

A

Advantages:

Control - general partners (senior family) retain control of property

Income tax reduction - shares are shifted to junior family members at lower tax brackets. Earnings from the assets in the FLP are taxed at the recipient’s income tax bracket.

Protection from creditors

Valuation discounts- 30-70 for lack of marketability and minority owners

Gifting - ease of gifting assets that are difficult to distribute - transfers qualify for annual exclusion

Disadvantages:

Income shifting to younger family may be limited to kiddie tax

Add’l costs for setting up FLP

Gifts do not receive step up basis

Retained interests continue to appreciate in senior family member estates

85
Q

Why would you use Sale-leaseback or gift-leaseback

A

Must be irrevocable and based on FMV

Must be legally enforceable lease agreement with reasonable lease payments

  1. to provide income stream to family members
  2. to remove the business property from the owner’s estate
86
Q

Sale- Leaseback

A

Business owner sells the business property to an adult child and then leases it back

Owner receives lump sum payment or installment payments from the child and continues to use the property in the business

Owner deducts monthly lease payments made to the child as an expense

Lease payments are taxed in the child’s lower tax bracket

Business property is removed from the business owner’s estate

87
Q

Gift-Leaseback

A

Owner gifts property into an irrevocable trust then leases the property back

Owner receives business deductions for the lease payment made to the trust

Trustee distributes lease payments to family beneficiaries in lower tax brackets

Business property is removed from the owner’s estate

88
Q

Installment Sale

A

Used to sell the business to a family member or a 3rd party and provide a secured income for the seller.

The promissory installment note is secured and does not require a set sale price

The buyer does not need a down payment and payment amounts can vary, even skipped or spread out over several years

At least one payment must be made to the owner after the taxable year in which the sale occurs

The PV of any outstanding installments are included in the seller’s gross estate

89
Q

Self-Cancelling Installment Note (SCIN)

A

Partially or fully cancels the installment note before the note matures

The seller can cancel the installment note in the will - the unpaid balance of the note is NOT included in the seller’s gross estate

The seller can cancel the entire note at once, which is subject to capital gains and gift taxes

The seller can cancel the note in increments of $16k per year to avoid or reduce taxable gifts

90
Q

Private Annuity:

A

A seller receives a fixed annuity income stream for life and removes the property from their gross estate

Payments from the sale are structured as an annuity and are either single life or joint and survivor annuity

Single annuity: remaining payments are not included in the seller’s estate

Joint and survivor annuity: payments continue for two lives. The PV of the survivor’s future annuity payments is included in the seller’s estate, but the marital deduction is available to offset tax

NOTE: if the buyer dies before the seller - the buyer’s estate must make payments to the seller for life. If the seller outlives their calculated life expectancy, the buyer must continue to pay the seller

91
Q

Intra-Family Transfer: Outliers

A

Private Annuties has no collateral

SCINs cancel at death and removed from the estate of the seller

Installment Notes unpaid may be included in seller’s estate

92
Q

Quasi-community property

A

property acquired by spouses while residing in a common-law state, which is treated as community property after they move to certain community property states

93
Q

IRD (Income Respect of Decedent)

A

No step up

94
Q

Attempts to value gifts of large blocks of stock based on the price the property would bring if the stock were liquidated in a reasonable time in some way outside the usual marketing channels.

A

The blockage rule

95
Q

Appointed by the probate court if executor is not named or chooses to not serve

A

Administrator

96
Q

Plenary guardianship

A

manages both the ward’s property and personal affairs

97
Q

standby trusts

A

revocable inter-vivos trusts

grantor is also the trustee and beneficiary

98
Q

Advantages of a Codicil

A
  • Convenient
  • Simple
  • Inexpensive
99
Q

sprinkling trust can distribute

spray trust can distribute

A

sprinkle = income

spray = both income and corpus

100
Q

item of income in respect of a decedent (IRD) may have which of tax liabilities

A

estate and income tax

101
Q

65-Day Rule

A

allows fiduciaries to make distributions within 65 days of the new tax year and be counted for the previous year (April 6th)

102
Q

Section 645 election

A

allows the executor of an estate and the trustee of a revocable trust to elect to treat the estate and the trust as one for tax purposes

CFP Exam - BIF Exam Prep (17 decks)

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