Module 13 – Advanced Planning for High Net Worth Clients

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* 1. Q1 – The two primary drivers for wealthier clients is Inheritance Tax mitigation and inter-generational legacies, true or false?

True

False

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* 2. Q2 – Which of the following two items of planning are particularly important for wealthier clients?

Death in Service and Life Cover Planning

Lasting Powers of Attorney and Pre-nuptial agreements

Simple mirror Wills and Lasting Powers of Attorney

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* 3. Q3 – Which of the following statements is correct regarding Beneficiary Protection Plans for wealthier clients?

Beneficiary Protection Plan structures can deliver IHT benefits on the death of the first partner

Beneficiary Protection Plan structures can deliver IHT benefits on the death of the second partner

Beneficiary Protection Plan structures can deliver inter-generational IHT benefits

All the above

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

Joint assets will pass to the joint asset holder

Significant negative tax outcomes can result from an intestacy

Part of the estate is likely to be directed away from the surviving spouse

All of the above

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

Mirror wills may provide the best IHT outcome for wealthier 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 Nil Rate Band planning for high net worth clients using a Beneficiary Protection Plan ?

A sum up to £325,000 may pass into a Nil Rate Band Trust without the payment of IHT and be protected

The surviving partner may be assessed for IHT on the assets within the Nil Rate Band Trust

The Nil Rate Band Sum may be fulfilled with an IOU

The Nil Rate Band Sum may be fulfilled with a share of the main residence which may offer tax benefits

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* 7. Q7 – Which of the following statements is true regarding Nil Rate Band planning using property for high net worth clients?

The surviving partner will not be able to move house

The value of the property share in a Nil Rate Band Trust will grow free of IHT and CGT

The Nil Rate Band will not require registration under TRS guidelines

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* 8. Q8 – Which of the following statements for high net worth clients is true regarding the Residence Nil Rate Band (RNRB) tax allowance planning that may be included with the advanced Beneficiary Protection Plan?

The RNRB tax allowance is often used for larger estates on the death of the first spouse or partner

The RNRB tax allowance can be reduced or lost if appropriate planning is not in place for estates of over £2 million

The Residence Nil Rate Band allowance must be fulfilled with a property share, usually the main residence or use a downsizing provision for properties

All of the above

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* 9. Q9 – High net worth clients are more likely to need to use a Protective Gifting Trust for lifetime transfers, in addition to a Beneficiary Protection Plan, true or false?

True

False

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* 10. Q10 – A Beneficiary Protection Plan can be set up for one partner of a high net worth family if one partner owns most of the assets or has capacity?

Module 13 – Advanced Planning for High Net Worth Clients

Question Title

* 1. Q1 – The two primary drivers for wealthier clients is Inheritance Tax mitigation and inter-generational legacies, true or false?

Question Title

* 2. Q2 – Which of the following two items of planning are particularly important for wealthier clients?

Question Title

* 3. Q3 – Which of the following statements is correct regarding Beneficiary Protection Plans for wealthier clients?

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

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

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* 6. Q6 – Which of the following statements is false regarding Nil Rate Band planning for high net worth clients using a Beneficiary Protection Plan ?

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* 7. Q7 – Which of the following statements is true regarding Nil Rate Band planning using property for high net worth clients?

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* 8. Q8 – Which of the following statements for high net worth clients is true regarding the Residence Nil Rate Band (RNRB) tax allowance planning that may be included with the advanced Beneficiary Protection Plan?

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* 9. Q9 – High net worth clients are more likely to need to use a Protective Gifting Trust for lifetime transfers, in addition to a Beneficiary Protection Plan, true or false?

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* 10. Q10 – A Beneficiary Protection Plan can be set up for one partner of a high net worth family if one partner owns most of the assets or has capacity?

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