Property Ownership & Estate Goals Flashcards
1
Q
is the team approach required by the CFP rules of conduct?
A
no
2
Q
can TBE be owned by more than 2 people?
A
no
3
Q
irrevocable trust with a retained income interest - gross estate implications
A
value of the retained income interest will be included in estate
4
Q
can spousal agreement classify property as separate even in community property state?
A
yes
5
Q
community property rights - carryover rules
A
reinvesting community proceeds in a separate property investment, CP retains its character
6
Q
power of appointment definition
A
discretionary authority to transfer title to a specific portion
7
Q
holder can’t appoint property to himself, his estate, or the creditors of either
A
special power of appt.
