Pass the AAFM AAFM Certification CTEP Questions and answers with CertsForce

Viewing page 13 out of 15 pages
Viewing questions 121-130 out of questions
Questions # 121:

In __________, a protective trust is a type of trust that was devised for use in estate planning.

Options:

A.

UK


B.

USA


C.

India


D.

None of the above


Expert Solution
Questions # 122:

To be qualified as a Simple Trust which of the following conditions has to be met?

Question # 122

Options:

A.

All of the above


B.

All except (i)


C.

All except (ii)


D.

All except (iii)


Expert Solution
Questions # 123:

________________ is an informal type of Trust that is created during the lifetime of the grantor by depositing money into an account at a bank or other Financial Institution in the grantor’s name as the Trustee for another person.

Options:

A.

Spendthrift Trust


B.

Grantor Retained Income Trust


C.

Dynasty Trust


D.

Totten Trust


Expert Solution
Questions # 124:

Which of the following statement(s) about Inheritance Tax is/are correct?

Question # 124

Options:

A.

Only (i)


B.

Only (ii)


C.

Neither (i) or (ii)


D.

Both (i) and (ii)


Expert Solution
Questions # 125:

Which of the following cannot be transferred with the help of Trust?

Options:

A.

Real Estate


B.

Stock Shares


C.

Annuities


D.

None of the above


Expert Solution
Questions # 126:

A Grantor Trust is never a _________________ Trust.

Options:

A.

Revocable Living


B.

Irrevocable


C.

Testamentary


D.

Simple


Expert Solution
Questions # 127:

Which of the following statement(s) is/are correct?

Question # 127

Options:

A.

Both (i) and (ii)


B.

Only (i)


C.

Only (ii)


D.

Neither (i) nor (ii)


Expert Solution
Questions # 128:

Which of the following trusts is considered invalid by the courts?

Options:

A.

Purpose Trust


B.

Spendthrift Trust


C.

Pour-Over Trust


D.

Unit Trust


Expert Solution
Questions # 129:

Which of the following is/are disadvantage(s) of Living Trust?

Question # 129

Options:

A.

Only (i)


B.

Only (ii)


C.

Neither (i) or (ii)


D.

Both (i) and (ii)


Expert Solution
Questions # 130:

Which of the following statement(s) about Investment Trust is/are correct?

Question # 130

Options:

A.

Both (i) and (ii)


B.

Only (i)


C.

Only (ii)


D.

Neither (i) nor (ii)


Expert Solution
Viewing page 13 out of 15 pages
Viewing questions 121-130 out of questions