Estate Planning Awareness Week Quiz
Financial Independence Group
Empowering Financial Professionals? to simplify and execute the financial dreams of families across the world.
A. Every year
B. Every three to five years or after major life events
C. Only when they reach retirement
Answer: B
It's a good idea for clients to review their estate plans periodically or after significant changes like marriage, divorce, birth of a child, or major financial shifts.
A. Set up a pet trust with funds and a designated caregiver
B. Leave assets directly to the pet in the will
C. Encourage verbal agreements with friends or family
Answer: A
A pet trust ensures funds are set aside expressly for the pet's care, and a designated caregiver is legally responsible.
A.?January 1, 2025
B.?December 31, 2026
C. December 31, 2025
Answer: C
While an extension is possible, the TCJA is set to sunset on December 31, 2025. Now's the time to plan ahead and discuss tax-advantaged strategies with clients.
A.?Yes, it's common in today's digital world
B.?No, wills are only for physical assets
C. Only if it includes passwords
?
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Answer: A
With the rise of digital assets, including social media accounts in estate planning has become increasingly essential to manage digital legacies.
A. True
B. False
?
Answer: B
A common misconception is that estate planning is only for the wealthy. However, every client with assets—a home, a car, savings, or retirement accounts—could use an estate plan to help safeguard their future.
A.?$5.49 million
B.?$7.12 million
C.?$13.61 million
Answer: C
As of January 1, 2024, the federal estate tax exemption for individuals is $13.61 million, reflecting inflation adjustments.
A.?No, it's called "irrevocable" for a reason
B.?Yes, you can build in flexibility
?
Answer: B
A Spousal Lifetime Access Trust (SLAT) can be used to build flexibility into an ILIT, which can appeal to clients who wish to maintain some level of flexibility.
Learn More About This Strategy Here: Flexible Estate Planning with Irrevocable Trusts