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1279-CTFA: Certified Trust and Financial Advisor
#Question
A couple wants to ensure their estate plan reflects their wishes. What is an essential step?
A.
Limit conversations
B.
Use a template
C.
Regularly review and update
D.
Inform family only
Correct Answer:
C
Regularly reviewing and updating estate plans ensures that they reflect current wishes and circumstances.
#Question
A client expresses concern about their long-term health care needs. What is a recommended action?
A.
Ignore costs
B.
Focus on estate planning
C.
Avoid discussing care plans
D.
Research long-term care options
Correct Answer:
D
Researching long-term care options helps clients prepare financially and logistically for their future health needs.
#Question
A fiduciary is managing a trust. What standard must they uphold?
A.
A duty of care
B.
A personal benefit
C.
A casual obligation
D.
A vague mandate
Correct Answer:
A
A fiduciary must uphold a duty of care, acting prudently and in the best interests of the beneficiaries.
#Question
A client seeks to create a will. What is a critical reason to do so?
A.
Avoid debts
B.
Increase estate taxes
C.
Protect minor children
D.
Limit personal accountability
Correct Answer:
C
Creating a will ensures that minor children are cared for by designated guardians if something happens to the parents.
#Question
A family business is planning for succession. What is essential for a smooth transition?
A.
All of the above
B.
Employee retention strategies
C.
Clear succession plan
D.
Professional training
Correct Answer:
A
All of these factors contribute to a successful and effective business succession plan.
#Question
A retired client wants to support their favorite charity while retaining some benefits. What is the best option?
A.
Personal loans
B.
Life insurance policy
C.
Outright donation
D.
Charitable gift annuity
Correct Answer:
D
A charitable gift annuity allows the client to donate while receiving guaranteed income for life.
#Question
A trust is established to avoid probate. What key feature should it include to ensure effectiveness?
A.
Limitations on distributions
B.
Annual reviews
C.
Clear beneficiary designations
D.
Flexible investment options
Correct Answer:
C
Clear beneficiary designations ensure that assets pass directly to the intended individuals without going through probate.
1279-CTFA: Certified Trust and Financial Advisor
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