QUESTION: 69 Exam Topic: 1, Volume A

Estate Planning Process is eight-step procedure that a manager has to follow. The Eight Steps are as given below (not in any order)

The correct order is

(i)-(ii)-(iii)-(iv)-(v)-(vi)-(vii)-(viii)
(ii)-(i)-(iii)-(iv)-(vi)-(vii)-(viii)-(v)
(ii)-(i)-(iii)-(iv)-(vi)-(vii)-(v)-(viii)
(ii)-(i)-(iii)-(iv)-(vi)-(v)-(vii)-(viii)

Answer(s): B

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QUESTION: 70 Exam Topic: 1, Volume A

There are four general categories of charitable gifts for donors and non-profits to consider. Out of these________ and ____________ require no contracts, trusts, trustees or special income tax returns. On the other hand, for __________ and _____________most donors and non-profits will need significant level of financial sophistication.

Outright Gifts, Bequest, Life Income Gifts, Family Foundations
Outright Gifts, Life Income Gifts, Bequest, Family Foundations
Family Foundation, Bequest, Life Income Gifts, Outright Gifts
Family Foundation, Outright Gifts, Life Income Gifts, Bequest

Answer(s): A

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QUESTION: 71 Exam Topic: 1, Volume A

You are an Estate Planner. A client asks you to explain him the process of Probate. You explain him that Probate is one of the ways to pass ownership of estate property to a decedent's survivors. The client further asks you to outline the various steps of Probate. As an estate planner, you would outline the steps of probate as follows (please specify the correct order)