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November 2024 CFP > Estate > Flashcards

Estate Flashcards

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CFP® flashcards
1
Q

Capital sensitive - only relates to what?

A

S-corp

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2
Q

Community property step up?

A

All LTCG

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3
Q

TBE characteristics

A

mutual consent, protected from individual creditors

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4
Q

TIC

A

can transfer to others, division of income

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5
Q

you own policy on someone else & you die

A

replacement cost (term - unused prem; whole - terminal reserve+unused prem)

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6
Q

3 yr rule (4 triggers)

A

retained interest, life interest, incidents of ownership, RLT->ILIT

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7
Q

TTEE vs Bene title

A

legal vs equitable

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8
Q

gift highly appreciated stock to

A

charity, low tax%, keep for stepup

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9
Q

gift likely to appreciate to

A

remove future value

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10
Q

gift income producting to

A

low tax% (watch kiddie)

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11
Q

gift loss property to

A

don’t - sell & gift $$

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12
Q

gift property subject to depreciation

A

keep to get depreciation

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13
Q

gift depreciated property to

A

gift-leaseback or SCIN

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14
Q

out of state property

A

before death to avoid ancillary probate, or keep for stepup

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15
Q

gift life insurance

A

based on cash value

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16
Q

Which trusts are present interest ($18k ok)

A

2503c, direct, crummey, UGMA/UTMA, 529

17
Q

Which are future interest ($18k not ok)

A

2503b, remainder interest, income accumulated in trust

18
Q

more important: guardianship or medical insurance?

A

guardianship

19
Q

point of defective trust

A

avoid estate or income tax, not both

20
Q

QDT

A

no marital deduction, exemption available, super annual gift exclusion, taxes deferred

21
Q

QTIP

A

LAME = life, annual, mandatory, exclusive

22
Q

which subject to estate tax? ABC

A

AC

23
Q

which goes to remainderman? ABC

A

BC

24
Q

which gets HEMS/5&5

A

B & C but limits growth in B

25
Q

CLAT/CLUT 5%?

A

NO

26
Q

Charitable gift annty vs pooled income fund

A

no additions vs addiitons, fixed vs variable

27
Q

disclaimer HEMS & 5&5?

A

Yes HEMS, no 5&5

28
Q

2032A always implies what

A

6166

29
Q

2032 purpose

A

reduce estate value

30
Q

2032 reqs

A

50% in RE, 25% of RE in biz

31
Q

303

A

INC, >35%, redeem stock to pay tax

32
Q

6166

A

any biz, >35%, interest only first 4 yrs, 2% int on first $1M indexed

33
Q

taxable gift calculation

A

FMV-$18k

34
Q

EAR calc

A

compares 2 interst rates with different compounding

35
Q

IRD deduction only if?

A

estate tax is paid

November 2024 CFP (7 decks)

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