1. Tax planning objectives should be subordinate to the primary objectives of estate planning because:
a) Reducing the client’s tax liability is the primary objective of every estate planning client
b) Reducing the client’s tax liability to zero without meeting their objectives is a disservice to the client.
c) Leaving estate for heirs is the primary objective and tax minimization should come after the primary objective
d) All of the above
2. Medical expense insurance and disability income insurance are important concerns in estate planning because:
a) The costs of a protracted period of disability or prolonged illness may erode an estate to the point that there will be nothing-except debt-to leave beneficiaries.
b) The time and energy spent in making medical claim reimbursements can deplete the estate.
c) Medical expense insurance and disability income insurance are not a concern because most clients have enough assets not to worry about such issues
d) All of the above
3. What guidelines are available to the estate planner in determining whether an activity may constitute the unauthorized practice of law?
a) If the advice is given on a settled area of the law that is common knowledge in estate planning.
b) If the advice is given in a jurisdiction where only attorneys give such advice.
c) If the estate planner produces a document for the client to sign.
d) All of the above
4.Which of the following are characteristics of a professional?
a) Dressing like a professional.
b) Receiving payment for work performed.
c) A spirit of loyalty to fellow practitioners, of helpfulness to the common cause they all profess and should not allow any unprofessional acts to bring shame upon the entire profession.
d) All of the above