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Congratulations, you’ve passed Estate Planning for Small Business Owners!
One Final Step!
We are prohibited from submitting your credits to the State until You and Your Proctor must fill out, sign, and submit Form Appendix G. This form is made available in electronic format on the following pages.
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Question 1 of 10
1. Question
Evelyn owned an annuity at the time of her death, and payments will continue to her daughter for another five years. How will the annuity be valued in Evelyn’s estate?
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Question 2 of 10
2. Question
Ivan wants to revoke his will. How can he do that?
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Question 3 of 10
3. Question
Mark, a small business owner, died in a car accident. He did not have a business succession plan in place. Which of the following is NOT a potential consequence of Mark’s unexpected departure?
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Question 4 of 10
4. Question
Sal has an executive bonus arrangement in place for one of his key employees—in other words, the employee owns a life insurance policy, and Sal pays the premiums by way of an annual bonus. Circumstances have changed and Sal wants to terminate the arrangement. How can he do this?
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Question 5 of 10
5. Question
Jonah has entered into a buy-sell agreement with Kevin to purchase Kevin’s business. The agreement is funded with a life insurance policy on Kevin’s life. Ten years later, Kevin experiences health problems and decides to retire. What’s the best way for Jonah to pay for Kevin’s shares of the company?
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Question 6 of 10
6. Question
Alice, Brenda and Carol own Happy Hairbands. They have a wait-and-see buy-sell agreement in place. When Brenda passes away, the buy-sell agreement will play out in four steps. Which of the following steps is wrong?
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Question 7 of 10
7. Question
FLPs and FLLCs are useful for all of the following EXCEPT:
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Question 8 of 10
8. Question
Doug, a wealthy local news anchor, is debating whether to use a will or a revocable living trust. A revocable living trust offers him one benefit that a will does not. Select that benefit below.
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Question 9 of 10
9. Question
Adam is thinking about creating a credit shelter trust to protect the family assets. After you explain it to him, Adam says, “So, let me get this straight.” He proceeds to restate your explanation, but he gets one part wrong. On which of the following points will you have to correct him?
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Question 10 of 10
10. Question
What does it mean when the laws governing federal estate taxes, gift taxes and generation-skipping transfer taxes are described as “permanent”?
