Jeopardy Estate & Trusts (week 6)

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  • 1. Donna M. Kesot, CPCU, Copyright 2012 . All Rights Reserved, 4-25-2012
  • 2. Estates Trusts Trusts 101 Ownership100 100 100 100 200 200 200 200300 300 300 300 400 400 400 400
  • 3.  Property handled and distributed by the personal representative upon a person’s death
  • 4.  What is a probate estate? Home
  • 5.  Net estate of One’s Heirs
  • 6. What are estate assets that will go to heirsafter payments for cost of dying?Cost of dying: debts, claims, administrativeexpenses, and taxes Home
  • 7.  Inheritance taxes levied on right to receive property, on right to give away property or both
  • 8. What is State Death Tax Value?(All states except NV) Home
  • 9.  Six Steps in Estate Settlement
  • 10. What are:1. Assemble estate property (probate property)2. Safekeeping, safeguarding, and insuring estate property during estate administration3. Managing estate property temporarily4. Paying estate debts, expenses, & taxes5. Accounting for the estate administration6. Making distribution of net estate to proper heirs Home
  • 11.  Uniform Statuatory Rule Against Perpetuities (USRAP)
  • 12. What is the law that limits trusts to no longerthan 90 years(AK, AZ, CO, DE, ID, IL, MD, SD, & WI allowdynasty trusts) Home
  • 13.  Uniform Prudent Investor Act
  • 14. What is the rule that the trustee should makeinvestments exercising reasonable care, skill,and caution, given the circumstances andobjectives of the trust and considering theportfolio as a wholeDaily Double 400 points Home
  • 15. Much like a mutual fund, this type of trustcomingles
  • 16.  What is a common trust fund? Home
  • 17.  Total Return Trust
  • 18.  What is a trust where part of the payment to a beneficiary may include the principal Home
  • 19.  A fiduciary arrangement set up by someone called the ______________ whereby a person, corporation, or organization, called the ___________ has ___________ _____________ to property placed in the trust.
  • 20. What are: Grantor, creator, settlor of the trust Trustee Legal Title Home
  • 21.  Provide a vehicle to hold family wealth as it passes from one generation to the next To provide a way for giving/leaving property to a minor
  • 22. What are two of many reasonsfor creating a trust?What are other reasons? Home
  • 23.  Trust of beneficiaries with disabilities who need to maintain eligibility for various government benefits.
  • 24.  What is a special needs trust Home
  • 25. Trusts that protect grantors from their ownfuture creditors
  • 26. What are Asset Protection Trusts (APTs) or onshore trusts, and Offshore Asset Protection Trusts (OAPTs)? Home
  • 27.  Ownership Forms, name 4
  • 28. What are Outright ownership Joint Ownership/Concurrent Ownership › Joint Tenancy with Right of Survivorship › Tenancy by the Entirety › Tenancy in Common Community Property (AZ, CA, ID, LA, NV, NM, TX, WA)? › Uniform Martial Property Act UMPA, (WI) Common Law Legal & Equitable Interests (e.g. Trusts, POAs) Home
  • 29.  Kinds of Trusts (3)
  • 30. What are1. Testamentary(wills)2. Living (inter vivos) › Revocable or Irrevocable3. Insurance (Living) Trust (of Life Insurance) Home
  • 31.  Four Problems with Intestate Distribution
  • 32. What are:1. Not chosen by estate owner (dictated by law)2. Beneficiaries receive inheritances outright without regard to individual capabilities to manage property3. Executor not selected by estate owner4. Estate taxes may be unnecessarily increased Daily Double = 600 points Home What does SEC stand for?
  • 33.  Prenup
  • 34. What is a prenuptial agreement? Uniform Premarital Agreement Act (UPAA) Retirement Equity Act (REA) Uniform Probate Code (UPC)-spouse may elect to take part (1/3—1/2) of deceased spouse’s augmented estate Augmented = probated and certain Home non-probated assets (life insurance, annuities, retirement benefits)