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Fundamentals Of Financial Planning 3rd Edition Michael A Dalton, Joseph Gillice - Solutions
Identify the characteristics of tenancy by the entirety.
Identify the characteristics of joint ten- ancy with right of survivorship.
Identify the characteristics of tenancy in common ownership.
Identify the characteristics of fee simple ownership.
Identify the three types of property and examples of each.
A living will acts to transfer property during life.a. Trueb. False
A durable power of attorney for health care typically directs the termination of life-sustaining treatment.a. Trueb. False
What is a DNR and why are they used?
What is a durable power of attorney for health care and why are they used?
An effective transfer occurs when a per- son's assets are transferred to the person or institution intended by that person. Truea. b. False
Estate planning is the process of accu- mulation, management, conservation, and transfer of wealth considering only the estate tax consequences.a. Trueb. False
What is usually the most important estate planning client objective?
Identify the six basic steps of the estate planning process.
Identify the risks associated with failing to plan for estate transfer.
What are the common goals of estate planning?
Explain the differences between an effi- cient and effective transfer.
What is estate planning?
Describe consumer laws that impact clients, including bankruptcy, banking, credit, privacy regulations, and other relevant laws.
Describe the nature of professional liability and compare mechanisms for controlling this risk.*
Describe security interests (including buyer-in-due-course) and creditor/ debtor rights in the legal process including garnishment and bankruptcy.”
Describe the elements of a contract, special issues with oral contracts, and mechanisms for enforcement of contracts.*
Describe and distinguish between the elements of agency, suitability, fiduciary responsibility and the duties of agents to their principals including clients and their employers and the duties of fiduciaries to their clients and employers.*
Apply the following economic concepts and measures in making financial planning recommendations: (1) Supply and demand, (2) National Income Accounts (including GDP), (3) Business cycles (unemployment, recession, fiscal and monetary policy), (4) Interest rates (including its term structure and the
Compare the secondary market institutions and their regulators for each security (stock, bond, ETFs, real estate, commodities and options exchanges) and of primary market institutions (investment banking firms, mutual funds and hedge funds).*
Explain the economic functions, customer base, products, and regulation of American financial institutions.*
Identify worker protection laws and explain the impact of ERISA, workman's compensation, unemployment benefits, and OSHA.
Explain the role of FINRA and the Sarbanes-Oxley Act of 2002.
Explain investor protection laws including SIPC, the Securities Act of 1933, the Security Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940.
Explain the external legal environment including bankruptcy laws and other consumer protection laws.
Explain opportunity costs and diminishing returns.
Explain price elasticity of demand and the factors that impact alas this today.
Explain microeconomics, demand and supply, and shifting demand and supply curves.
Explain monetary and fiscal policy and the role of the Federal Reserve including its goals and tools.
Identify the three types of economic indicators that describe the current and future economy and business cycle.
Describe the business cycle and summarize the key economic variables.
Define macroeconomics and defined gross national product, gross domestic product, inflation, interest rates, and unemployment.
Describe the external environment and its makeup.
Jose created a joint bank account for himself and his friend, Amparo. At what earliest point has a gift been made to Amparo?a. When the account is created.b. When Jose notifies Amparo that the account has been created.c. When Amparo withdraws money from the account for her benefit.d. When Jose dies.
Which of the following would meet the requirements for the annual exclusion under the gift tax rules?a. A gift to a trust, to be distributed to a beneficiary contingent upon the beneficiary’s survivorship.b. A gift to a trust that has an ascertainable value at the time of the gift.c. A gift to a
Which of the following items will be retitled through probate?a. A house subject to a mortgage and owned fee simple by the decedent.b. 1/2 of real estate held tenancy by the entirety.c. Bank accounts with a POD designation.d. None of the above will be retitled through probate.
A tenancy by the entirety may be terminated in which of the following ways?1.. Death, whereby the survivor takes the entire tenancy.2.. Mutual agreement.3.. Divorce, which converts the tenancy into a tenancy in common or a joint tenancy.4., Severance, whereby one tenant transfers his or her
The unrestricted ability to ultimately name beneficiaries of income and corpus of a trust is known as:a. A HEMS power.b. A special power of attorney.c. A crummey power.d. A general power of appointment.
A person or entity entitled to act on behalf of another is known as:a. A principal.b. A curator.c. An attorney at law.d. An attorney in fact.
Claude decides to prepare his will, but does not want to seek the help of an attorney.Claude handwrites, signs and dates all of the provisions of the will but does not have it witnessed by anyone. What type of will does Claude have, if any?a. None.b. Nuncupative.c. Self Prepared.d. Holographic.
Which of the following does NOT relate to a will?a. A Codicil.b. A Devisee.c. A Legatee.d. An in terrorem clause.e. All of the above.
Which of the following tasks are the primary responsibilities of the personal representative?1.. Inventory the estate.2.. File income tax returns for all beneficiaries.3.. Contest payment of all debts of the estate.4.. Probate the will.a. land 4.b.122) and’3:c. 2and 4.d. 1,3 and 4.e. 1,2,3 and 4.
This estate planning tool will cause assets to be included in non-grantor holder’s gross estate:a. An intervivos trust.b. A special power of attorney.c. The exercise of a nuncupative will.d. A general power of appointment that is unexercised.
A spendthrift clause:a. Requires the fiduciary of a trust to make small distributions.b. Protects the trust assets from the claims of the beneficiary's creditors.c. Eliminates the problems associated with multiple beneficiaries.d. Prevents the lapse of a general power of appointment and its
Which of the following is not a party to a trust?a. Trustee.b. Income beneficiary.c. Grantor.d. Principal.
Which of the following is considered an advantage of the probate process?a. The probate process creates delays.b. The probate process is costly.c. Heirs receive property with clear title.d. Information that is filed with the court becomes public information.
Which of the following is a disadvantage of the probate process?a. The decedent's heirs and/or legatees are given clear title to property.b. The probate process requires several court filings.c. ‘The probate process provides for an orderly distribution of the decedent’s assets.d. The
If Priscilla died with each of the following property interests, which will be excluded from her probate estate?a. Property owned as community property.b. Property held tenancy in common.c. Death proceeds of life insurance payable to a living stranger.d. Property owned fee simple.
Of the following types of ownership, which is available for married couples?1.. Tenancy by the entirety.2.. Tenancy in common.3.. JIWROS.4.. Tenants by marriage.a. 1 only.b. 1 and 3.c. 1, 2,and 3,d. 1, 2, 3; and 4.
Steve has been married to Louise for six years. They are about to buy their first home and have come to you with some questions that they have regarding titling of the home.In your explanation of the different property ownership arrangements, which of the following titling structures can only be
Twenty-two years ago, Kyle and John began dating, and 19 years ago, they began living together. Last year, Kyle inherited over $9,000,000 from his grandfather. He wants to ensure that if he dies first, John will be taken care of for the rest of his life. Despite your insistence, Kyle does not have
Donald agreed to sell his house to his brother, but could not attend the closing date of the sale (act of sale). Of the following options, which would allow Donald’s mother to attend the closing and sign the necessary documents on Donald’s behalf?a. Living will.b. Advanced real estate
Maxine is terminally ill, Her doctors gave her twenty-four months to live thirty-six months ago. Maxine has decided that she does not want to be placed on life support.Which document will direct Maxine’s doctors to refrain from putting her on life support?a. Living will.b. Power of attorney.c.
While he was in the hospital, Emile told his wife that if he died he wanted to give his fishing tackle to his son, Joseph; his golf equipment to his son, Joshua; his truck to his daughter, Abigail; and everything else to her (his wife). Emile died the next day without writing anything that he told
Which type of will complies with the statutes of the domiciliary state and is drawn by an attorney?a. Holographic.b. Oral.c. Nuncupative.d. Statutory.
Which type of will is handwritten and does not generally require a witness?a. Holographic.b. Oral.c. Nuncupative.d. Statutory.
Which of the following documents appoints a surrogate decision-maker for health care?a Durable power of attorney for health care.b. General power of appointment.c. Life insurance beneficiary designation.d. All of the above.
Which the following is a risk of failing to plan for the estate?• Property transfers contrary to the client’s wishes.•The client’s family may not be provided for financially.•The estate suffers liquidity problems at the client's death.•The estate may bear higher transfer costs.a. 2
Tyrone does not want to write a will. It upsets him to contemplate his own death and he simply desires to avoid the estate planning process. All of the following are risks Tyrone’s estate may face due to Tyrone’s inaction, except:a. ‘Tyrone’s property transfers contrary to his wishes.b.
The first step in the estate planning process includes:a. Meeting with the client and discussing the client's assets, family structure, and desires.b. Prioritizing the client's goals.c. Developing a formal written estate plan.d. Identifying key areas of concern in relation to the client’s plan -
Which of the following does not need estate planning?a. Tom, age 30, married with two minor children, and a net worth of $375,000.b. Carly, age 35, never been married, one severely disabled son.c. Michelle, age 45, single, has a net worth of $450,000 and two dogs.d. All of the above need estate
Which of the following statements is the best definition of estate planning?a. Estate planning is the process of accumulation, management, conservation, and transfer of wealth considering legal, tax, and personal objectives.b. Estate planning is the management, conservation, and transfer of wealth
Which of the following is included in the definition of estate planning?1.. Asset management.2.. Accumulation of wealth.3.. Asset preservation.a. 1 only.b. and 2.c. 2 and 3.d. 1, 2 and 3.
List the elements of a gift.
What is a spendthrift clause and why is it included in a trust?
List the common parties of a trust.
What is a trust?
Why are trusts used in estate planning?
Describe at least three advantages and three disadvantages of the probate process.
Excess distributed income over reasonable compensation:1.. is treated as self-employment income in a LLC.2.. is treated as dividend income in a S corporation.a. 1 only.b. 2 only.c. Both 1 and 2.d. Neither 1 nor 2.
Which of the following can file as a corporation or partnership?a. LLC and LLPb. LLC only.c. LLC only.d. LLC and S corporation.
Which entity will meet the following requirements?1.. Availability of preferred returns for certain investors.2.. Considers loans from third parties in basis of owners.3.. Limited liability.a. Partnership.b. LLC:c. S corporation.d. C corporation.
Which entity will meet the following requirements?1.. Unlimited number of owners.2.. Limited liability.3.. Self-employment tax on all income.a. Proprietorship.b. Partnership.c. LLC.d. S corporation.
Which entity will meet the following requirements?1.. Disregarded entity.2.. Limited liability.3.. Self-employment tax on all income.a. Partnership.b. Single-member LLC.c. S corporation.d. Proprietorship
Which entity will meet the following requirements?1.. Flow-through entity.2.. Limited liability.3.. Can have foreign investors.a. Proprietorship.b. Partnership.c. LLC,d. S corporation.
Which type of entity could possibly file any of the following forms?1.. Form 1040.2.. Form 1065.3.. Form 1120S.a. Partnership.b. Limited partnership.c. Proprietorship.d. LLC:
Which entity does not have all of the following characteristics?1.. Limited liability.2.. Ability to distribute in-kind appreciated assets to owners without gain recognition.3.. Can have foreign investors.a. LLC:b. S corporation.c. Limited partnership.d. LLP.
Which of the following statements is/are true?1.. Partnerships require registration with the state.2.. Limited partnerships require registration with the state.a. 1 only.b. 2 only.c. Both 1 and 2.d. Neither 1 nor 2.
Which of the following statements is/are true?1.. It is necessary to register with the state when forming a proprietorship.2.. It is necessary to register with the state when forming a partnership.a. 1 only.b. 2 only.c. Both 1 and 2.d. Neither 1 nor 2.
Which of the following statements is/are true?1.. LLCs offer limited liability protection to members.2.. S corporations offer limited liability protection to owners.a. 1 only.b. 2 only.c. Both 1 and 2.d. Neither 1 nor 2.
Which of the following statements is/are true?1.. Partnerships offer limited liability protection to partners.2.. LLCs offer limited liability protection to members.a. 1 only.b. 2 only.c. Both 1 and 2.d. Neither 1 nor 2.
On August 1, 2013, Jack bought a 5 percent interest (5 shares) in XYZ, an S corporation that files as a calendar-year taxpayer. In 2013, the S corporation income was $160,000. How much will be reported to Jack on his 2013 1120S Schedule K-1?a. $0.b. $3.333,c, $3;393.d. $8,000.
An architect performed services for Bill and Sue and, in lieu of her normal fee, accepted a 10 percent interest in a partnership with a fair market value of $10,000. How much income from this arrangement should the architect report on her income tax return?a. The architect does not have any
All payments from an S corporation to be an S corporation shareholder will treated as income subject to payroll taxes.a. Trueb. False
The number of S corporation share- holders is limited to 100.a. Trueb. False
Discuss the advantages and disadvan- tages of an S corporation.
Explain how an S corporation differs from a C corporation.
In-kind distributions of appreciated assets by a C corporation are treated as a deemed sale by the corporation.a. Trueb. False
A corporation's purpose must be nar- rowly defined in the articles of incorpo- ration.a. Trucb. False
Discuss the ability of a corporation to raise capital.
Discuss the tax attributes of a corpora- tion.
Describe the formation and operation of a corporation.
A written operating agreement is an important element of the management of a LLC.a. Trueb. False
There is no limitation on the number of members of a LLC.a. Trueb. False
Explain the tax attributes of an LLC.
Discuss the liability protection offered by an LLC.
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