Module 12 – Advanced Planning for Cohabiting Clients

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* 1. Q1 – The primary issue for cohabiting families is tax efficiency, true or false?

True

False

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* 2. Q2 – Which of the following is not an essential area of advice for tax efficiency for cohabiting clients?

Death in Service Planning

Advanced Estate Planning

Life Assurance Protection

Lasting Powers of Attorney

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* 3. Q3 – Which of the following statements is correct regarding cohabiting lifestyles?

Beneficiary Protection Plan structures are ideal for clients who are divorced and living together

Beneficiary Protection Plan structures are ideal for clients who are widowed and living together

Beneficiary Protection Plan structures are ideal for clients who have joint children but have never entered into a legal partnership

All the above

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* 4. Q4 – Which of the following statements is false regarding cohabiting clients with no Wills in place (intestacy)?

Joint assets will pass to the joint asset holder but IHT may be assessed

Assets passing to beneficiaries will not be protected

The cohabiting partner will certainly benefit from the estate of the deceased

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* 5. Q5 – Which of the following statements is false regarding cohabiting partnerships with simple mirror Wills in place for each other?

Mirror Wills may provide the best IHT outcome for cohabiting clients

The eventual distribution of the estate is not reliant on the Will of the surviving partner

Assets may be protected for the surviving partner from care fees and remarriage.

All of the above

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* 6. Q6 – Which of the following statements is false regarding planning for cohabiting families using a Beneficiary Protection Plan ?

A sum up to £325,000 may pass into the Beneficiary Protection Trust without the payment of IHT

The surviving partner may be assessed for IHT on the assets within the Beneficiary Protection Trust

Each partner may benefit by directing their residual estate to one or more Beneficiary Protection Trusts

The Residence Nil Rate Band tax allowance will not be lost with a Beneficiary Protection Plan arrangement for cohabiting couples

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* 7. Q7 – Which of the following statements is true regarding ineffective Life Interest in Property planning for cohabiting families?

The surviving partner will not be able to move house

The value of the property share is in the surviving partner’s estate for IHT purposes and may also attract IHT on the death of the first partner

The life interest trust will not require registration under TRS guidelines

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* 8. Q8 – Which of the following statements is false regarding the advanced Beneficiary Protection Plan for cohabiting partnerships?

The residual estate after the payment of debts (including IHT if relevant) will transfer to one or more Beneficiary Protection Trusts

The bulk of assets usually pass into the Beneficiary Trust during the lifetime of the clients

Blended families will often choose to have a Beneficiary Protection Trust per family group for individual control purposes

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* 9. Q9 – Where a later life cohabitation occurs the main property can be left to a Beneficiary Protection Trust for the surviving partner then the deceased’s own family. It may be used without creating a life interest for IHT purposes with correct advice.

True

False

Module 12 – Advanced Planning for Cohabiting Clients

Question Title

* 1. Q1 – The primary issue for cohabiting families is tax efficiency, true or false?

Question Title

* 2. Q2 – Which of the following is not an essential area of advice for tax efficiency for cohabiting clients?

Question Title

* 3. Q3 – Which of the following statements is correct regarding cohabiting lifestyles?

Question Title

* 4. Q4 – Which of the following statements is false regarding cohabiting clients with no Wills in place (intestacy)?

Question Title

* 5. Q5 – Which of the following statements is false regarding cohabiting partnerships with simple mirror Wills in place for each other?

Question Title

* 6. Q6 – Which of the following statements is false regarding planning for cohabiting families using a Beneficiary Protection Plan ?

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* 7. Q7 – Which of the following statements is true regarding ineffective Life Interest in Property planning for cohabiting families?

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* 8. Q8 – Which of the following statements is false regarding the advanced Beneficiary Protection Plan for cohabiting partnerships?

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* 9. Q9 – Where a later life cohabitation occurs the main property can be left to a Beneficiary Protection Trust for the surviving partner then the deceased’s own family. It may be used without creating a life interest for IHT purposes with correct advice.

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* 10. Q10 – A Beneficiary Protection Plan can be set up for one partner of a blended family partnership if one partner owns most of the assets.

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