Gift splitting - ANS Allows a married couple to double their allowable annual exclusions is only allowed for married couples
Ownership limited to spouses only - ANS Joint tenancy tenancy by the entirety community property
Grantor retained interest Trust Grit - ANS Grantor can rece...
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,Gift splitting - ANS Allows a married couple to double their allowable annual
exclusions is only allowed for married couples
Ownership limited to spouses only - ANS Joint tenancy tenancy by the entirety
community property
Grantor retained interest Trust Grit - ANS Grantor can receive all income earned by
the trust
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Qualified terminable interest Property Trust Q-tip - ANS Income of a Q-tip goes to the
grantor's spouse
Charitable lead Trust CLT - ANS The income goes to charity
Power of appointment trust POA - ANS
Valuation date for gifts - ANS
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The date on which the transfer is completed
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Gross estate - ANS Includes all the property that is subject to the federal estate tax
whether or not owned by the decedent and whether or not included in the the probate or
taxable estate
Taxation of reinvestment of ordinary dividends - ANS Qualified dividends are subject
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to the same tax rates applicable to long-term capital gains
The basis for charitable contribution deduction for stock - ANS Based on the current
fair market value of the stock
Taxation of substitute payments in lieu of a dividend - ANS Substitute payments in
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lieu of a dividend are not subject to preferential treatment and are treated as ordinary
income
How does a stock dividend affect basis - ANS The basis is reduced to provide basis
for shares are received as a stock dividend
Net capital loss amount - ANS $3,000 per year are deductible
Taxation of qualified dividends - ANS Dividends are taxed at 15% or 20% if the
dividends fall into the 39.6% bracket
,Text treatment for a shareholder participating in common stock dividend reinvestment
program - ANS The shareholder is treated as if he received a cash dividend equal to
the fair market value of the shares purchased under the plan
When is earned income taxed - ANS It is taxed in the year when the check was
received
Medical expenses and AMT - ANS Most that are deducted are allowed for AMT
purposes 10% of AGI
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Bargain element on exercise of an incentive stock option and AMT - ANS Included as
a preference item for AMT
Private activity municipal bonds and AMT - ANS Interest from private activity Muni
bonds is an AMT preference item except for bonds issued in 2009 and 2010
Home mortgage interest and AMT - ANS
regular and AMT
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Adjusted gross income - ANS Income remaining after subtracting the adjustments to
income
Domestic Partners transfer wealth to the other vs legal spouse - ANS Governor
domestic partner cannot take a marital deduction in excess of the gift tax annual
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exclusion for the transfer while a donor spouse could
If a domestic partner is appointed as conservator or Guardian - ANS The individual
should make his or her desire to have the domestic partner appointed by executing
written documents approved by state law as intestacy laws typically follow the bloodline
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Per year 4 retirement benefit increase over full retirement age - ANS 8%
Qlac - ANS Suitable for those who are healthy and have a family history of longevity
and those entering retirement with Social Security as their only source of guaranteed
income
Bucket approach to withdrawals from retirement savings - ANS ...
, Proper written Financial goal - ANS Specific in terms of gold dollar amount and time
frame
Income replacement percentages - ANS Income replacement percentages vary
between low-income and high-income retirees. Income replacement ratios should not
be used as the only basis for planning. Are useful for younger clients as a guide to their
long-term planning and investing.
Investment policy attributes - ANS Long-term perspective. Realistic. Clearly defined.
Asset allocation strategies - ANS Tactical. Core satellite. Strategic
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Correlation and diversification - ANS The lowest correlation provides the most
diversification
Two major risks associated with Common Stocks - ANS Market risk and business risk
purchasing power risk
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Two major risks associated with Bond investing - ANS Interest rate risk and
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Calculating yield to maturity on the calculator - ANS Set the end mode
Allowable earnings limit for 2015 for no reduction in Social Security benefits - ANS
$15,720 earned income
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Social Security benefits available when fully insured worker begins at full retirement age
- ANS At full retirement age the workers spouse will receive at least 50% of the
workers PIA. Capitulo 4 retirement age the PIAA is reduced by 25/36 of 1% for each of
the first 36 months the spouse is under full retirement age
How does tax-exempt interest affect social security taxation - ANS All tax-exempt
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income is included to determine a social security taxation a maximum of 85% of Social
Security benefits are subject
Features of defined benefit plans - ANS Write a predetermined fix retirement benefit
for participating employees
Do Target benefit plans offer Survivor annuity benefits to married participants - ANS
Qualified Pension Plan such as Target benefit plans are required to offer Survivor
annuity benefits to married participants qualified profit sharing plans including stock
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