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AAMS Module 9 Estate Planning for Investment Clients 2025 Solution solved 100% Passed!!
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AAMS Module 9 Estate Planning for Investment Clients 2025 Solution solved 100% Passed!!
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Passed!!2024/2025
AAMS Module 9: Estate Planning
for Investment Clients
Types of Estates Answer: Probate Estate and Gross Estate.
Estate planning is the process of planning the accumulation, conservation, and
distribution of an estate to effectively and efficiently accomplish both tax and
non-tax objectives. Good estate planning ensures a person's wishes with regard to
their assets and medical care are carried out both while they are alive and after
their death. In fact, virtually everyone needs some basic estate planning
documents. With rare exceptions, everyone needs a will, springing durable
powers of attorney for financial and medical matters, and a living will.
The probate estate involves all property interests that do not automatically
transfer to beneficiaries under applicable state law or via contract provisions and
are therefore subject to the state-prescribed process of notification and transfer
known as probate. These assets include both those transferred according to the
decedent's valid will provisions and those transferred by the state's own system
of distribution, as embodied in its intestate succession statutes. The gross estate
includes all property that is subject to the federal estate tax. Everything in the
probate estate is included in the gross estate; however, the gross estate usually
includes many assets that are not in the probate estate, such as assets that are
held in a will substitute form, that pass outside of the probate process.
Estate Transfer Answer: Estate transfer is the act of conveying title to
property interests from one person to another. Property interests can be
transferred either during the lifetime of the owner (inter vivos) or after the
owner's death (testamentary). A person who gives property away gratuitously
during life is often called a donor, while the person receiving the property is often
called a donee.
, Passed!!
2024/2025
Estate Planning Team Answer: - attorney
- CPA
- life insurance consultant
- trust officer
- financial planner
There must be one of these professionals spearheading the entire thing; usually,
this falls on the financial planner. Constant communication of changes is required
in order to move properly.
Unauthorized Practice of Law Answer: Because the practice of law is
forbidden to all but licensed attorneys, all non-attorney professionals on the
estate planning team must understand what constitutes the practice of law.
Unfortunately, this is not a topic that can be discussed with precision, and the
definition of what constitutes the practice of law varies from state to state.
There are two actions that usually constitute the practice of law in every state:
drafting documents that will affect the property or legal rights of someone else,
whether for compensation or not, and
advising another person to take actions that will affect their property or legal
rights.
Valuation Answer: All three federal transfer taxes—the gift tax, the estate
tax, and the generation-skipping transfer tax—impose a tax on a gratuitously
transferred value. The amount of the tax is determined, on the one hand, by the
tax rate to be applied and, on the other hand, by the value transferred.
, Passed!!
2024/2025
FMV is typically used at the time of transfer.
Gifts. The valuation date for gifts is the date on which the transfer is completed.
Note: The IRS has only three years to challenge the value of adequately disclosed
gifts. This underscores the necessity to report all taxable gifts, and perhaps even
some noncash gifts that are close to being taxable because of their value, or if
there is some doubt about their entitlement to deductions to prevent them from
being taxable.
Estates. The valuation date for property included in a decedent's gross estate is
either the date of the decedent's death or six months after the decedent's death.
Alternative Valuation Date & Valuation Answer: The executor may elect to
value the property included in the gross estate as of the alternate valuation date,
but only if there is an estate tax to pay, and only if that estate tax is reduced by
use of the alternate valuation date. The alternate value of the property is the
value it has six months after the date of the decedent's death. Sometimes using
the alternate valuation date on estate assets is more beneficial than using the
date of death value, especially when the decedent's estate includes a large
percentage of property that has depreciated rapidly in value after their death—
such as marketable securities that have declined in value.
1. If the alternate valuation date is elected, it is applied to all eligible property in
the estate, not just specific assets. However, an estate cannot take advantage of a
decrease in value due solely due to the passage of time—for example, a joint and
last survivor annuity that has a decreasing value with the passing of time.
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