Module 14 – Advanced Planning for Clients with Business Assets

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* 1. Q1 – Trusts are an important element of the estate planning solution for APR or qualifying BR assets, true or false?

True

False

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* 2. Q2 – Which of the following statements is correct?

Business Trusts are only relevant for lifetime transfers of qualifying BR/APR assets

Business Trusts are only relevant for deathtime transfers of qualifying BR/APR assets

Business Trusts are relevant for both lifetime and deathtime qualifying asset transfers

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* 3. Q3 – Which of the following statements is false?

BR/APR assets must generally be owned for two years before they qualify for IHT exemptions

Shares in investment and property rental companies will not generally qualify for IHT exemptions

Any individual can only transfer up to £325,000 of BR/APR assets every 7 years

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* 4. Q4 – Business Trusts are popular for the longer-term succession plans for APR/BR assets, true or false?

True

False

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* 5. Q5 – Which of the following statements is correct?

Legal partnerships may benefit if both parties use Trust planning for significant values of BR/APR assets

Business/APR planning is not important for clients in legal partnerships

Business/APR planning is not important for clients in blended families

All of the above

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* 6. Q6 – Which of the following statements is correct?

BR/APR assets are included in calculations for RNRB gross estate calculations

BR/APR assets are not included in calculations for RNRB gross estate calculations

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* 7. Q7 – APR or qualifying BR assets in relevant property trusts are exempt from periodic charge calculations if they are held for 2 years, true or false?

True

False

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* 8. Q8 – For high net worth clients which of the following statements is correct?

NRB Planning is useful for tax efficiency

RNRB Planning is useful for tax efficiency

Business/APR planning is useful for tax efficiency

All of the above

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* 9. Q9 – If a cross option agreement exists for BR shares additional Trust planning is not relevant

True

False

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* 10. Q10 – For clients with significant BR assets and simple mirror Wills which of the following statements is correct?

If shares pass to the surviving spouse and are sold there could be future IHT impacts

If shares pass to the surviving spouse they could be future control issues

If shares pass to the children on death they may not be protected from their partners

Module 14 – Advanced Planning for Clients with Business Assets

Question Title

* 1. Q1 – Trusts are an important element of the estate planning solution for APR or qualifying BR assets, true or false?

Question Title

* 2. Q2 – Which of the following statements is correct?

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* 3. Q3 – Which of the following statements is false?

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* 4. Q4 – Business Trusts are popular for the longer-term succession plans for APR/BR assets, true or false?

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* 5. Q5 – Which of the following statements is correct?

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* 6. Q6 – Which of the following statements is correct?

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* 7. Q7 – APR or qualifying BR assets in relevant property trusts are exempt from periodic charge calculations if they are held for 2 years, true or false?

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* 8. Q8 – For high net worth clients which of the following statements is correct?

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* 9. Q9 – If a cross option agreement exists for BR shares additional Trust planning is not relevant

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* 10. Q10 – For clients with significant BR assets and simple mirror Wills which of the following statements is correct?

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