New Rules for Estate, Retirement, and Tax Planning

New Rules forEstate, Retirement,

and Tax Planning

#7705BEXAM MATERIAL

7705B Final Exam • 1

NEW RULES FOR ESTATE, RETIREMENT, AND TAX PLANNING (COURSE #7705B)

COURSE DESCRIPTION

This course, which includes the Tax Cuts and Jobs Act, offers strategies for growing wealth and helps you understand estate planning. It will sort through the confusion, assumptions, and misunderstandings involved in planning for the future. You will find valuable insights and solid strategies to help you preserve wealth and plan an estate under current tax rules with information on retirement planning, trusts, charitable contributions, gifts, life insurance and wills.

This course will cover:

• Strategies for growing wealth

• How much money will be needed for retirement

• New legislation that impacts inheritances and trusts

• Do’s and don’ts of gifting assets to family

• Asset protection and succession planning strategies

No prerequisites. Course level: Basic. Course #7705B – 16 CPE hours.

LEARNING ASSIGNMENTS AND OBJECTIVES

As a result of studying each assignment, you should be able to meet the objectives listed below each individual assignment.

ASSIGNMENT 1: SUBJECTTax Cuts and Jobs Act of 2017Estate PlanningThe Estate Tax SystemInvestment Strategies for Maximizing Estate Growth

Study the course materials from pages 1 to 60Complete the review questions at the end of each chapterAnswer the exam questions 1 to 17

Objectives:

• To recall the tax changes made by the Tax Cuts and Jobs Act of 2017• To identify the primary objectives of estate planning• To identify who is legally responsible for settling an estate• To recognize characteristics of annuities

2 • 7705B Final Exam

ASSIGNMENT 2: SUBJECTRetirement Planning: Living Your DreamYou Don’t Have a Will? Big Trouble!Where There’s a Will, There’s Your WayUsing Trusts in Your Estate Plan


Objectives:

• To identify strategies to boost retirement cash flow• To recognize characteristics of the probate process • To recall the duties of a trustee• To identify the differences between various types of trusts

ASSIGNMENT 3: SUBJECTUnderstanding the Living TrustUsing Insurance in Your Estate PlanSmart Strategies for Gifting Assets to Family MembersStrategic Planning with Charities


Objectives:

• To recognize characteristics of living trusts• To identify the categories that life insurance falls into• To recall the purposes for various gifting strategies• To identify the various charity options when gifting


ASSIGNMENT 4: SUBJECTFamily Limited PartnershipsSuccession Planning for the Family Business or FarmAsset Protection StrategiesPersonal Business Planning Issues


Objectives:

• To recall the advantages of the family limited partnership• To identify strategies for estate and succession planning for farmers• To identify strategies for protecting assets• To recall the purposes of the various partnership formations

ASSIGNMENT 5:• Complete the Answer Sheet and Course Evaluation and submit to PES

NOTICEThis course and test have been adapted from supplemental materials and uses the materials entitled J. K. Lasser’s New Rules for Estate, Retirement, and Tax Planning © 2019 by Stewart H. Welch III and J. Winston Busby. Displayed by permission of the publisher, John Wiley & Sons, Inc., Hoboken, New Jersey. All rights reserved.

The views expressed in this text are those of the author(s) and do not necessarily reflect the views, opinions, or positions of Professional Education Services, LP, its employees, or owners.

Use of these materials or services provided by Professional Education Services, LP (“PES”) is governed by the Terms and Conditions on PES’ website (www.mypescpe.com). PES provides this course with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely on the individual licensee, not PES. PES encourages you to contact your state Board or licensing agency for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.

© Professional Education Services, LP 2021

Program Publication Date 5/18/2021

THIS PAGE INTENTIONALLY LEFT BLANK.


NEW RULES FOR ESTATE, RETIREMENT, AND TAX PLANNING (COURSE #7705B)

EXAM INFORMATION

COURSE EXPIRATION DATE: Per AICPA and NASBA standards, this course must be completed within ONE YEAR from the date of purchase.

TEST FORMAT: The following final exam, consisting of 80 multiple choice questions, is based specifically on the material included in this course. The answer sheet must be completed and returned to PES for CPE certification. You will find the answer sheet at the back of this exam packet so that you may easily remove it and use it while taking your test.

LICENSE RENEWAL INFORMATION: The New Rules for Estate, Retirement, and Tax Planning course (#7705B) qualifies for 16 CPE hours.

PROCESSING: You must score 70% or better to pass. If you mail or fax your exam, when you pass, your Certificate of Completion will be mailed. If you do not pass, we will give you a courtesy call to inform you of this. When completing your exam online, grading is instantaneous. Upon achieving a passing score, the completion certificate is immediately available in your account under “My Completed CPE.” Please note: failed exams may be retaken. Per NASBA and AICPA guidelines, missed questions cannot be indicated until after you pass.

GRADING OPTIONS – Please choose only ONE of the following:

GRADING OPTIONS: Please choose only ONE of the following. If mailing or faxing, make sure to fill out your Answer Sheet completely prior to submitting it.

• ONLINE GRADING –Visit our website at http://www.mypescpe.com. Login to your account (if you are a first-time user, you must set up a new user account). Click on the course title of the exam you wish to take. Once all answers have been selected, click the “Submit/Grade Answers” button at the bottom of the page for instant grading and certification. If you do not see the exam listed, click on “My CPE in Progress.” Click on the “Add Exam to Account” button and follow the instructions.

• MAIL – Your exam will be graded and your certificate of completion mailed to you within one business day. Your certificate will be dated according to the postmark date. Please mail your Answer Sheet to:

Professional Education Services, LP4208 Douglas Blvd., Ste 50

Granite Bay, CA 95746

• FAX – Your exam will be graded and you will be contacted either via phone or fax with your results within 4 business hours of receipt. A copy of your graded exam and certificate of completion will be mailed to you. Your certificate will be dated according to the fax date. If you choose to fax your exam, please do not mail it. Your fax will serve as the original. Please refer to the attached answer sheet for further instructions on fax grading. Fax number (916) 791-4099.

THANK YOU FOR USING PROFESSIONAL EDUCATION SERVICES.



NEW RULES FOR ESTATE, RETIREMENT, AND TAX PLANNING (COURSE #7705B) – FINAL EXAM

The following questions are multiple choice. Please indicate your choice on the enclosed Answer Sheet.

1. Many of the provisions contained within the Tax Cuts and Jobs Act (TCJA) are set to expire after which of the following:

A. 2020B. 2025C. 2030D. 2035

2. Which of the following is correct regarding the TCJA:

A. the TCJA only impacts individual taxpayersB. the TCJA lowered individual tax rates while

leaving deductions untouchedC. the TCJA tripled the amount of wealth

that may pass tax-free to nonspouse, noncharitable beneficiaries

D. not all of the provisions of the TCJA are permanent

3. Which of the following represents the highest ordinary income tax rate under the TCJA:

A. 32 percentB. 35 percentC. 37 percentD. 39 percent

4. What is the maximum capital gains rate after passage of the TCJA:


5. The TCJA extended the American Opportunity Tax Credit for Higher Education Expenses through which of the following:

A. 2025B. 2030C. 2035D. the credit was permanently extended

6. Which of the following represents the highest corporate tax rate after passage of the TCJA:


7. According to the author, all of the following are included as the primary objectives of estate planning except:

A. to ensure that all assets will be sufficient to provide for the family’s lifestyle needs

B. to establish a family office that will operate on behalf of the benefiting generation of estate transfer

C. to make certain that assets go to the people and/or organizations of your choosing

D. to minimize the amount of taxes, fees, and court interference associated with settling the estate

8. According to the author, all of the following are vital documents essential for estate planning except:

A. federal tax returns for the past seven yearsB. employee benefits summariesC. pay stubs for the past seven yearsD. bank account statements for the past 12

months


9. Which of the following is correct regarding the estate tax system:

A. the estate tax rate has remained the same over the past two decades

B. the estate tax system comprises less than one percent of the revenue raised through taxation in the U.S.

C. the TCJA set the estate tax exemption amount at $18,570,000

D. both B and C are true

10. Which of the following is deducted from the gross estate in order to determine the estate’s tax base:

A. funeral expensesB. money left to qualified charitiesC. administrative costs of settling the estateD. all of the above

11. Jan dies and leaves his wife $100 million. Which of the following represents the amount of estate taxes owed by Jan’s wife:

A. $0B. $10 millionC. $25 millionD. $40 million

12. Two brothers jointly purchased a lake house property together 50/50 for $2.4 million six years ago. Today, the property is worth $4 million. For estate tax reasons, what is the value included in the estate of the one brother who died:

A. $1.2 millionB. $2 millionC. $2.4 millionD. $4 million

13. Which of the following best characterizes a typical bear market:

A. 30 to 50 percent decline within a 12 month period, twice every 10 years

B. 5 percent decline within a 6 month period, twice every 5 years

C. 20 percent decline within a 12-month period, once every 3 to 10 years

D. 50 percent decline within a 12 month period, once every 10 years

14. All of the following are advantages of a Roth IRA except:

A. tax-free withdrawals of up to $10,000 are allowed to cover the expenses of purchasing a first home

B. it is not subject to the required minimum distribution rules

C. earnings from the Roth IRA are tax deferredD. you receive an income tax deduction for your

contribution

15. The required minimum distribution rules of a traditional IRA call for systematic withdrawals from retirement accounts at which of the following ages beginning in 2020:

A. 60½ B. 65C. 72D. 72½

16. All of the following are true regarding annuities except:

A. high expenses are associated with their purchase

B. they are ordinarily taxed at long-term capital gains rates

C. they have limited investment choicesD. tax penalties are assessed for early

withdrawal


17. Which of the following describes the portion of an individual’s premium that is used to cover the risk of a premature death:

A. mortality chargeB. death benefitC. expiration quotientD. risk-of-death fee

18. Which of the following represents the average rate of return for fixed-income-oriented investments such as bonds or money market accounts:

A. 2 to 5 percentB. 8 to 10 percentC. 12 to 15 percentD. 20 to 25 percent

19. Which of the following was the average inflation rate for the years 1946 through 2017:

A. 1.5 percentB. 3.7 percentC. 4.6 percentD. 6.2 percent

20. Per the author, all of the following are strategies for boosting retirement cash flow except:

A. review expenses that took place over the past 12 months

B. take advantage of economical travel dealsC. relocate to a geography with a lower cost-of-

livingD. take out a second mortgage

21. Compared to the two-bucket strategy, which of the following additions does the three-bucket strategy use in retirement planning:

A. annuity packageB. home equity conversion mortgage (HECM)C. Social Security fundD. Roth IRA

22. What type of home appraisal is required for a reverse mortgage:

A. county estate officeB. Federal Housing Administration (FHA)C. Fannie MaeD. Federal Home Loan Administration (FHLA)

23. Regarding the Social Security benefit, what is the effect on an individual’s disbursement if he or she waits beyond the full retirement age:

A. a reduced benefit receipt equal to 75 percent of the benefit

B. the benefit increases by 8 percent each year until age 70

C. there is no change to the benefit disbursement amount

D. the individual must begin receiving their benefit at the full retirement age and cannot postpone taking it

24. Intestate death describes which of the following:

A. dying without a willB. dying without heirsC. dying without an estate to leave to heirsD. dying with a will that is contested

25. Which of the following describes the legal process whereby at death a judge oversees the transfer of property to its rightful heirs:

A. direct transfer by titleB. living trust planningC. probateD. revocable trust proceeding

26. All of the following are true of the probate process except:

A. the process is of limited durationB. the process is publicC. the primary criticism is that it is expensiveD. the process often prevents adequate

postmortem planning


27. All of the following are advantages to owning property as tenants in common except:

A. no special paperwork is requiredB. selling your share of the property does not

require the signature or permission of the other tenants

C. you are free to dispose of the property as you wish through your will

D. your interest is not included in your estate and, therefore, avoids estate taxes

28. Which of the following is established at an individual’s death under his or her will:

A. a revocable living trustB. a testamentary trustC. an inter vivos trustD. a life estate

29. Which of the following types of wills is sometimes referred to as an “I love you” will:

A. joint willB. simple willC. testamentary trust willD. holographic will

30. All of the following are true of a will except:

A. it can specifically direct who will receive property at the death of the property owning individual

B. it can be a strategy for reducing estate taxesC. it can provide for the care of the individual

who holds the will in the event that he or she becomes incapacitated or incompetent

D. it is the only way an individual can nominate who will be responsible for the care of the individual’s children

31. What are statements that specify which personal items will go to certain people in a will called:

A. general bequestsB. statutory appointmentsC. opening declarationsD. the residuary estate

32. Which of the following items or clauses is used to specifically exclude someone or severely deter a would-be disgruntled heir that otherwise would be included in the will:

A. general bequestsB. in terrorem clauseC. strict exclusion clauseD. specific legacy

33. Which of the following ages is recommended by the author for distribution from a trust to children if both parents die prematurely:

A. age 18B. age 21C. age 30D. age 59½

34. All of the following are included as duties the trustee is responsible for except:

A. read and understand the trust documentB. keep detailed records that will hold up in

courtC. keep the beneficiaries and the grantor

informedD. include or exclude beneficiaries from the

trust as necessary

35. Which of the following best describes the simultaneous death clause:

A. provides instruction as to who is to receive estate assets if an individual and a devisee are killed in a common accident

B. offers a “last words” sentiment to the spouse and significant others of an individual

C. offers instruction for the joining of two separate estates when a common accident kills an individual and a devisee

D. provides instruction as to who is presumed to have died first if an individual and a devisee are killed in a common accident


36. Which of the following power of attorney documents allows the attorney-in-fact the authority to continue acting on behalf of the relevant individual after he or she has become incapacitated:

A. general power of attorneyB. limited power of attorneyC. unlimited power of attorneyD. general and durable power of attorney

37. All of the following are common provisions included in a will except:

A. payment of debts and funeral expensesB. division of residuary estateC. trustee powersD. letter of instruction

38. For 2021, which of the following is the applicable individual gift tax exclusion amount:

A. $4,490,000B. $5,490,000C. $11,700,000D. $23,400,000

39. Which of the following restricts a surviving spouse from receiving assets from their credit shelter trust if he or she remarries:

A. remarriage provisionB. disclaimerC. income sprinkling provisionD. credit shelter

40. Which of the following is used for an individual who wants to designate a trustee with instructions for how trust assets are to be handled in the instance of incompetence due to accident or illness:

A. spendthrift trustB. standby trustC. qualified domestic trust (QDOT)D. general power of appointment trust

41. All of the following are true regarding living trusts except:

A. they are often set up in order to avoid the probate process

B. they can simplify the transfer of assets to heirs upon death

C. living trusts have high maintenance costs even if you are your own trustee

D. it is required that the individual draft not only a living trust document but also a will

42. Current law provides that the first __________________ of profit from the sale of a single person’s home is not subject to federal capital gains taxes.

A. $125,000B. $250,000C. $500,000D. $1 million

43. According to the author, if the primary goal for an individual is to avoid probate, which of the following actions should the individual take towards their living trust:

A. fully fund the living trustB. partially fund the living trustC. leave the trust unfundedD. do not establish a living trust

44. Which of the following types of property should an individual be especially careful about in regards to property transfered to a trust account:

A. real estateB. brokerage accountC. life and disability insuranceD. individualized retirement account (IRA)


45. Which of the following are the two broad categories that all life insurance falls into:

A. term insurance and cash value insuranceB. term insurance and mortality insuranceC. whole life insurance and cash value

insuranceD. universal life and cash value insurance

46. If a sole income provider is calculating how much life insurance he or she needs, which of the following rates should gross annual income be multiplied by as the first step:


47. If a sole income provider is calculating how much life insurance he or she needs, which of the following figures should “adjusted income needed” be divided by as the second step:

A. historic rate of inflationB. expected rate of inflationC. desired rate of return D. expected rate of return

48. Per the author, all of the following are the best rating services when gathering information about a potential insurance provider except:

A. A.M. Best CompanyB. FitchC. Standard & Poor’sD. Moody’s

49. Credit life insurance can be used to pay off all of the following loan types except:

A. carB. applianceC. mortgageD. furniture

50. Which of the following is the allowed annual maximum contribution under the gift tax exclusion for 2021:

A. $15,000 per beneficiaryB. $30,000 per beneficiaryC. $32,000 per beneficiaryD. $40,000 per beneficiary

51. Which of the following clauses allows the holder of a trust power to make distributions at any time to the grantor of the trust or others that are designated in the trust:

A. general power of appointmentB. limited power of appointmentC. limited power of attorneyD. unlimited power of benefactor

52. Which of the following examples avoids any unintended tax consequences in gifting assets:

A. a father adds his child’s name to his savings account and the child then makes a withdrawal

B. an individual buys a bond and designates a joint owner in the bond investment

C. an individual adds an intended beneficiary to the deed of a real estate property

D. a mother gifts her child a sum of money for the child to invest in a Roth IRA

53. Which of the following gifting strategies is designed specifically for the sole purpose of funding qualified higher education expenses of a designated beneficiary of the account:

A. 2503(b) TrustB. 2503(c) TrustC. 529 PlanD. custodial account


54. What is the effect of a distribution made from a 529 Plan that is not used for qualified education expenses:

A. 10 percent penalty is imposed on the recipient of the funds plus the earnings portion is subject to ordinary income taxes

B. the earnings portion of the distribution is subject to capital gains rates

C. no penalty is imposed if there were no distributions for at least 5 years from plan inception

D. there will be no income taxes on the distribution so long as it is made to a child who is attending a higher education program

55. Which of the following IRS rulings states that payment of income taxes by the grantor on behalf of his or her grantor trust will not result in an additional taxable gift if certain trust requirements are met:

A. Revenue Ruling 61-146B. Revenue Ruling 2004-64C. Revenue Ruling 2010-70D. Revenue Ruling 2013-02

56. All of the following are advantages of the Qualified Personal Residence Trust (QPRT) except:

A. individuals can remove a large asset from an estate at a significant discount from its current value

B. individuals can remove the growth of a residence from an estate

C. individuals can entirely avoid probate on the residence

D. any mortgage payments due on the trust property are considered a gift to the remaindermen

57. Which of the following describes a situation in which a brother is designated the trustee of his sister’s trust and the sister is designated the trustee of her brother’s trust:

A. cross-trusteesB. fraternal trusteesC. trustees by proxyD. universal trustees

58. Which of the following is the maximum deduction for cash gifts to qualified public charities:

A. 20 percent of AGI with a 7 year carry-forwardB. 30 percent of Earned Income and no carry-

forwardC. 50 percent of Earned Income and no carry-

forwardD. 60 percent of AGI with a 5 year carry-forward

59. Which of the following charity options is preferable if an individual wants to donate a stream of income from an owned asset while still retaining ownership of that asset:

A. charitable remainder trustB. charitable lead trustC. private foundationD. lifetime gift

60. A private foundation is required to distribute at least what percent of the fair market value of its assets each year:

A. 2 percentB. 5 percentC. 10 percent

D. 50 percent


61. Which of the following is correct regarding family limited partnerships (FLPs):

A. the FLP is an uncommon estate-planning technique

B. most FLPs are actually limited liability companies that are taxed as partnerships for income tax purposes

C. the TCJA eliminated many of the tax benefits of FLPs

D. FLPs are viewed favorably by the IRS

62. Which of the following is required when creating an FLP:

A. issuance of partnership certificatesB. preparation of a partnership agreementC. transferring the deed or title of the asset to

the partnership nameD. all of the above

63. Which of the following allows custodians of minors to hold the minors’ interests in an FLP:

A. Universal Bequests to Minors Rule (UBMR)B. Revised Uniform Limited Partnership Act

(RULPA)C. Transfers to Minors Act (TMA)D. Uniform Gifts to Minors Act (UGMA)

64. All of the following are recommended strategies that property owning farmers should consider for estate and succession planning except:

A. transfer the value of the estate into a 529 Plan for child beneficiaries

B. use discounting strategies such as the FLP or the LLC to reduce the farm value

C. use the annual gift tax exclusion to transfer interests in the farm tax free to beneficiaries

D. monitor the value of the property by getting a qualified appraiser

65. From the date of death, typically how much time is given until estate taxes are due:

A. immediatelyB. 6 monthsC. 9 monthsD. 2 years

66. According to the author, when considering the sale of an individual’s business, all of the following are recommended options except:

A. draft a buyout agreement between the owner and a key employee

B. sell to a competitorC. sell a minority interest of the business to

create a smooth transition for the future owners

D. delegate the responsibility to an advisor to carry out after the owner dies

67. All of the following are classifications of buy-sell agreements except:

A. entity purchase agreementB. coverall agreementC. cross-purchase agreementD. hybrid agreement

68. Which of the following types of buy-sell agreements only makes sense where there are other co-owners:

A. entity purchase agreementB. coverall agreementC. cross-purchase agreementD. hybrid agreement


69. Which of the following is correct regarding a personal liability umbrella policy:

A. a personal liability umbrella policy is usually relatively inexpensive

B. a personal liability umbrella policy is limited to $1,000,000

C. a personal liability umbrella policy is usually purchased through a life insurance agent

D. a personal liability umbrella policy usually covers the insured for liabilities arising from personal and business issues

70. All of the following are community property states except:

A. ArizonaB. CaliforniaC. DelawareD. Texas

71. Before an individual joins any board of directors, which of the following items is recommended by the author:

A. clearly defined compensation guidelinesB. adequate liability insurance coverageC. directors election guidelinesD. substantial reporting policies

72. A U.S. citizen is required to report interests owned in a foreign entity if the value of the asset is worth which of the following amounts:

A. more than $10,000 at year-end or more than $50,000 at any time during the year

B. more than $50,000 at year-end or more than $75,000 at any time during the year

C. more than $100,000 at year-end or more than $1 million at any time during the year

D. more than $1 million at year-end or more than $5 million at any time during the year

73. In order to avoid a 40 percent gift tax on amounts above $15,000 (per beneficiary) under foreign asset protection trusts, how must the trust be formed:

A. revocable trustB. generation-skipping trustC. qualified personal residence trustD. grantor trust

74. According to the author, although Delaware is known for asset protection, which of the following states provides even more secure asset protection:

A. TexasB. AlaskaC. Massachusetts D. Utah

75. Which of the following business forms is the most common, comprising 73 percent of the businesses in America:

A. sole proprietorshipB. general partnershipC. limited partnershipD. C corporation

76. Which of the following pass-through entities is beginning to reach favor over the general partnership form of business:

A. sole proprietorshipB. limited partnershipC. S corporationD. limited liability company (LLC)

77. Which of the following business forms restricts the number of allowed shareholders to 100 individuals:

A. C corporationB. S corporationC. limited liability companyD. limited partnership


78. Which of the following business forms is advisable for an individual that wishes personal liability protection and pass-through status but is operating by him or herself:

A. single-member LLCB. regulated investment companyC. C corporationD. sole proprietorship

79. Which of the following describes the incident where a judgment in a lawsuit or challenge by the IRS results in corporate status being set aside due to poor business protocol standards:

A. seizure of liability protectionB. breach of protocolC. piercing the corporate veilD. rescinding corporation status

80. Per the author, the team members that are required in business management fall into all of the following categories except:

A. business team membersB. consultantsC. professionalsD. board members

Congratulations –

you’ve completed the exam!


NEW RULES FOR ESTATE, RETIREMENT, AND TAX PLANNING #7705B (16 CPE HOURS) ANSWER SHEET (5/21)

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New Rules for Estate, Retirement, and Tax Planning