LEPT - Wealth Preservation

Question 1 of 19

1

The four purposes of Legacy and Estate Planning are:
❌
❌
❌
❌

Drag and drop to complete the text.

ELIMINATES UNCERTAINTY

MAXIMIZE WEALTH CREATION

ACCUMULATES WEALTH

PROVIDES LIQUIDITY

DISTRIBUTE WEALTH

COVERS COSTS

REDUCES COST

PROVIDES FUNDING

Explanation

Question 2 of 19

1

Which of the following are areas that most concern HNWIs that they are least likely to be aware of?

Select one or more of the following:

Wealth Growth
Wealth Preservation
Wealth Accumulation
Wealth Distribution

Explanation

Question 3 of 19

1

Which of the following statements describes HNWI?

Select one or more of the following:

Estate planning restricted to mainly income protection and provision for outstanding liabilities
Typical solutions are Single Premium products with premium and/or portfolio financing for leveraging purposes
Wide range of assets ranging from real estate property (home and investment), equities, mutual funds or unit trusts, currencies and cash
Generally very senior management positions or typically business owners
Generally high income earner or with huge accumulated assets
Estate planning involves passing on wealth to the 2nd generation
Typical solutions are big size Regular Premium products and Single Premium products with premium financing for leveraging purposes
Estate planning involves complicated structures involving Offshore Trusts, Private Investment Companies and Family Offices

Explanation

Question 4 of 19

1

Successful people can control a lot of things in life but there are some that even the most powerful person may not necessarily have control over. They are: ❌ ❌ ❌ ❌ ❌ ❌

Drag and drop to complete the text.

ACCIDENTS – DEATH & DISABILITY

HOW THEY WANT TO LIVE

HEALTH ISSUES

MEDICAL – ILLNESSES

TIME TO SPEND ON THEIR HOBBIES

OLD AGE – MENTAL INCAPACITY, DEMENTIA

GOVERNMENT POLICIES

FAMILY AFFAIRS

FINANCIAL STATUS, ECONOMIC CONDITIONS

FINANCIAL KNOWLEDGE

BUSINESS PRODUCTIVITY

BUSINESS ENVIRONMENT

Explanation

Question 5 of 19

1

Fill the blank spaces to complete the text.

What are the three main factors of consideration in Wealth Preservation?

Explanation

Question 6 of 19

1

What are the 6 typical assets groups owned by HNWIs?

Select one or more of the following:

REAL ESTATE AND PROPERTIES
INVESTMENTS
DIGITAL GADGETS AND TECHNOLOGICAL EQUIPMENT
CURRENCIES - LOCAL AND FOREIGN
COIN COLLECTIONS
PERSONAL EFFECTS - JEWELLERY, ART, WATCHES, ETC.
BUSINESSES
INSURANCE

Explanation

Question 7 of 19

1

What if death occurs in the middle of an economic downturn? It affects:

Select one or more of the following:

MANAGEMENT STRATEGIES
SUCCESSION
HEALTH
WEALTH
DECISION MAKING
EMOTIONAL STRESS

Explanation

Question 8 of 19

1

Liquidity in Wealth Preservation is hampered by Estate and/or Inheritance duties, probate process (Grant of Probate - with wills, Letter of Administration - without will), and liquid and non-liquid assets.

Select one of the following:

True
False

Explanation

Question 9 of 19

1

What is the liquidity status of insurance policies done by first party (proposer and life assured is the same entity)?

Select one of the following:

Liquid
Not liquid

Explanation

Question 10 of 19

1

What is the liquidity status of insurance policies done by 3rd party (proposer and life assured are different entities)

Select one of the following:

Liquid
Not Liquid

Explanation

Question 11 of 19

1

The four main leakages in Wealth Preservation refers to... (Select all that applies)

Select one or more of the following:

TAXES AND ESTATE DUTIES
INHERITANCE
LEGAL FEES
LOAN AND LIABILITIES
PERSONAL LOANS
FINAL EXPENSES

Explanation

Question 12 of 19

1

This statement is “Taxes & Estate Duties must be paid first before transfer of ownership can be completed” ...

Select one of the following:

True
False

Explanation

Question 13 of 19

1

Cost of legal fees depends on...
(Click all that applies)

Select one or more of the following:

No. of inheritors
Existence of valid will
Type and complexity of assests
Geographical location of assets

Explanation

Question 14 of 19

1

A valid will helps to...

Select one or more of the following:

MAKES LIFE EASIER
ELIMINATE EMBIQUITY, UNCERTAINTY AND/OR CONFUSION
GUARANTEES EQUALIZATION OF WEALTH DISTRIBUTION
REDUCE UNNECESSARY LEGAL CONFLICTS BETWEEN BENEFICIARIES
MAINTAIN COHESION AMONG BENEFICIARIES

Explanation

Question 15 of 19

1

Communication among lawyers in different countries is one form of leakages where geographical location of assets diverse and complex.

Select one of the following:

True
False

Explanation

Question 16 of 19

1

Personal guarantees in business assets are one of the major big ticket items under loans and liabilities, in wealth preservation - leakages.

Select one of the following:

True
False

Explanation

Question 17 of 19

1

Personal guarantee
(1) is ❌ for expansion of business
(2) freuqently ❌residential real estate property as collateral
(3) is a❌of personal responsibility for loan outside the liabilities of a business
(4) failure in servicing a loan ❌
(5) - businessmen are ❌of its personal impact when business is profitable

Drag and drop to complete the text.

not necessary

necessary

uses

does not use

pledge

not a pledge

results in force selling of collaterals

does not affect collaterals

mindful

not mindful

Explanation

Question 18 of 19

1

Personal guarantees can disrupt the livelihood of the beneficiaries.

Select one of the following:

True
False

Explanation

Question 19 of 19

1

Amount to set aside for medical expenses can be calculated based on earnings, age, potential years remaining and current health status.

Select one of the following:

True
False

	Created by Lee Fun Yip almost 6 years ago

Legacy and Estate Planning

LEPT - Wealth Preservation

Question 1 of 19

The four purposes of Legacy and Estate Planning are: ❌ ❌ ❌ ❌

Drag and drop to complete the text.

Explanation

Question 2 of 19

Which of the following are areas that most concern HNWIs that they are least likely to be aware of?

Select one or more of the following:

Explanation

Question 3 of 19

Which of the following statements describes HNWI?

Select one or more of the following:

Explanation

Question 4 of 19

Successful people can control a lot of things in life but there are some that even the most powerful person may not necessarily have control over. They are: ❌ ❌ ❌ ❌ ❌ ❌

Drag and drop to complete the text.

Explanation

Question 5 of 19

Fill the blank spaces to complete the text.

What are the three main factors of consideration in Wealth Preservation?

Explanation

Question 6 of 19

What are the 6 typical assets groups owned by HNWIs?

Select one or more of the following:

Explanation

Question 7 of 19

What if death occurs in the middle of an economic downturn? It affects:

Select one or more of the following:

Explanation

Question 8 of 19

Liquidity in Wealth Preservation is hampered by Estate and/or Inheritance duties, probate process (Grant of Probate - with wills, Letter of Administration - without will), and liquid and non-liquid assets.

Select one of the following:

Explanation

Question 9 of 19

What is the liquidity status of insurance policies done by first party (proposer and life assured is the same entity)?

Select one of the following:

Explanation

Question 10 of 19

What is the liquidity status of insurance policies done by 3rd party (proposer and life assured are different entities)

Select one of the following:

Explanation

Question 11 of 19

The four main leakages in Wealth Preservation refers to... (Select all that applies)

Select one or more of the following:

Explanation

Question 12 of 19

This statement is “Taxes & Estate Duties must be paid first before transfer of ownership can be completed” ...

Select one of the following:

Explanation

Question 13 of 19

Cost of legal fees depends on... (Click all that applies)

Select one or more of the following:

Explanation

Question 14 of 19

A valid will helps to...

Select one or more of the following:

Explanation

Question 15 of 19

Communication among lawyers in different countries is one form of leakages where geographical location of assets diverse and complex.

Select one of the following:

Explanation

Question 16 of 19

Personal guarantees in business assets are one of the major big ticket items under loans and liabilities, in wealth preservation - leakages.

Select one of the following:

Explanation

Question 17 of 19

Drag and drop to complete the text.

Explanation

Question 18 of 19

Personal guarantees can disrupt the livelihood of the beneficiaries.

Select one of the following:

Explanation

Question 19 of 19

Amount to set aside for medical expenses can be calculated based on earnings, age, potential years remaining and current health status.

Select one of the following:

Explanation

The four purposes of Legacy and Estate Planning are:
❌
❌
❌
❌

Cost of legal fees depends on...
(Click all that applies)