Module 11 – Advanced Planning for Blended Families

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* 1. Q1 – The primary issue for blended families is ensuring that personally owned assets end up where each party wish them to go, true or false?

True

False

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* 2. Q2 – Which of the following are suggested areas of advice for most blended family partnerships?

Death in Service and Pension Planning

Advanced Estate Planning

Life Assurance Protection, Lasting Powers of Attorney

All of the above

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* 3. Q3 – Which of the following statements is false regarding blended families with no Wills in place (intestacy)?

Joint assets will pass to the joint asset holder

The first to die’s estate will eventually pass to their own children with certainty

Assets passing to the surviving spouse will not be protected

Some assets may be held on a statutory trust for minors until they reach age 18

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* 4. Q4 – Some blended families are well established and clients wish their respective children to be treated equally, true or false?

True

False

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* 5. Q5 – Which of the following statements is true regarding blended families with simple Wills in place?

The Wills may provide inter-generational tax efficiency

The eventual distribution of the estate may be reliant on the Will of the surviving spouse or partner

Assets will be protected for the surviving spouse or partner from care fees and remarriage

Assets will be protected from the partners of children

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* 6. Q6 – Which of the following statements is false regarding Nil Rate Band planning for blended families?

A sum up to £325,000 may be made available to the children of the deceased spouse or partner without the payment of IHT

The surviving spouse or partner will be able to move house

The Nil Rate Band sum will not be guaranteed for the family of the first to die

After the death of the surviving spouse or partner any debt may be repaid and is available tax free to the children/beneficiaries in a protective manner

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

The surviving spouse or partner will be able to move house

The value of the property share is in the surviving spouse’s or partner’s estate for IHT purposes

The life interest trust will not require registration under TRS guidelines

The property share will be protected for the ultimate beneficiaries of the deceased spouse or partner either absolutely or via a Beneficiary Protection Trust

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

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 control purposes

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* 9. Q9 – A Beneficiary Protection Plan for blended families can be set up under a Power of Attorney, true or false?

True

False

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

Module 11 – Advanced Planning for Blended Families

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* 1. Q1 – The primary issue for blended families is ensuring that personally owned assets end up where each party wish them to go, true or false?

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* 2. Q2 – Which of the following are suggested areas of advice for most blended family partnerships?

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* 3. Q3 – Which of the following statements is false regarding blended families with no Wills in place (intestacy)?

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* 4. Q4 – Some blended families are well established and clients wish their respective children to be treated equally, true or false?

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* 5. Q5 – Which of the following statements is true regarding blended families with simple Wills in place?

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* 6. Q6 – Which of the following statements is false regarding Nil Rate Band planning for blended families?

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

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

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* 9. Q9 – A Beneficiary Protection Plan for blended families can be set up under a Power of Attorney, true or false?

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

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