Test
LEPT - Wealth Preservation
Este test tiene tipos de pregunta que se abren en el reproductor de siempre.
Preguntas del test (19)
1The four purposes of Legacy and Estate Planning are:
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[blank_start](4)[blank_end]- AELIMINATES UNCERTAINTY
- BMAXIMIZE WEALTH CREATION
- CACCUMULATES WEALTH
- DPROVIDES LIQUIDITY
- EDISTRIBUTE WEALTH
- FCOVERS COSTS
- GREDUCES COST
- HPROVIDES FUNDING
2Which of the following are areas that most concern HNWIs that they are least likely to be aware of?
- AWealth Growth
- BWealth Preservation
- CWealth Accumulation
- DWealth Distribution
3Which of the following statements describes HNWI?
- AEstate planning restricted to mainly income protection and provision for outstanding liabilities
- BTypical solutions are Single Premium products with premium and/or portfolio financing for leveraging purposes
- CWide range of assets ranging from real estate property (home and investment), equities, mutual funds or unit trusts, currencies and cash
- DGenerally very senior management positions or typically business owners
- EGenerally high income earner or with huge accumulated assets
- FEstate planning involves passing on wealth to the 2nd generation
- GTypical solutions are big size Regular Premium products and Single Premium products with premium financing for leveraging purposes
- HEstate planning involves complicated structures involving Offshore Trusts, Private Investment Companies and Family Offices
4Successful 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: [blank_start](1)[blank_end] [blank_start](2)[blank_end] [blank_start](3)[blank_end] [blank_start](4)[blank_end] [blank_start](5)[blank_end] [blank_start](6)[blank_end]
- AACCIDENTS – DEATH & DISABILITY
- BHOW THEY WANT TO LIVE
- CHEALTH ISSUES
- DMEDICAL – ILLNESSES
- ETIME TO SPEND ON THEIR HOBBIES
- FOLD AGE – MENTAL INCAPACITY, DEMENTIA
- GGOVERNMENT POLICIES
- HFAMILY AFFAIRS
- IFINANCIAL STATUS, ECONOMIC CONDITIONS
- JFINANCIAL KNOWLEDGE
- KBUSINESS PRODUCTIVITY
- LBUSINESS ENVIRONMENT
5What are the three main factors of consideration in Wealth Preservation? [blank_start](1)[blank_end] [blank_start](2)[blank_end] [blank_start](3)[blank_end]
- A(1) Volatility of Asset Classes
- B(2) Liquidity of Asset Classes
- C(3) “Leakages” of Assets
6What are the 6 typical assets groups owned by HNWIs?
- AREAL ESTATE AND PROPERTIES
- BINVESTMENTS
- CDIGITAL GADGETS AND TECHNOLOGICAL EQUIPMENT
- DCURRENCIES - LOCAL AND FOREIGN
- ECOIN COLLECTIONS
- FPERSONAL EFFECTS - JEWELLERY, ART, WATCHES, ETC.
- GBUSINESSES
- HINSURANCE
7What if death occurs in the middle of an economic downturn? It affects:
- AMANAGEMENT STRATEGIES
- BSUCCESSION
- CHEALTH
- DWEALTH
- EDECISION MAKING
- FEMOTIONAL STRESS
8Liquidity 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.
- AVerdadero
- BFalso
9What is the liquidity status of insurance policies done by first party (proposer and life assured is the same entity)?
- ALiquid
- BNot liquid
10What is the liquidity status of insurance policies done by 3rd party (proposer and life assured are different entities)
- ALiquid
- BNot Liquid
11The four main leakages in Wealth Preservation refers to... (Select all that applies)
- ATAXES AND ESTATE DUTIES
- BINHERITANCE
- CLEGAL FEES
- DLOAN AND LIABILITIES
- EPERSONAL LOANS
- FFINAL EXPENSES
12This statement is “Taxes & Estate Duties must be paid first before transfer of ownership can be completed” ...
- AVerdadero
- BFalso
13Cost of legal fees depends on...
(Click all that applies)- ANo. of inheritors
- BExistence of valid will
- CType and complexity of assests
- DGeographical location of assets
14A valid will helps to...
- AMAKES LIFE EASIER
- BELIMINATE EMBIQUITY, UNCERTAINTY AND/OR CONFUSION
- CGUARANTEES EQUALIZATION OF WEALTH DISTRIBUTION
- DREDUCE UNNECESSARY LEGAL CONFLICTS BETWEEN BENEFICIARIES
- EMAINTAIN COHESION AMONG BENEFICIARIES
15Communication among lawyers in different countries is one form of leakages where geographical location of assets diverse and complex.
- AVerdadero
- BFalso
16Personal guarantees in business assets are one of the major big ticket items under loans and liabilities, in wealth preservation - leakages.
- AVerdadero
- BFalso
17Personal guarantee
(1) is [blank_start]__________[blank_end] for expansion of business
(2) freuqently [blank_start]__________[blank_end]residential real estate property as collateral
(3) is a[blank_start]_____________[blank_end]of personal responsibility for loan outside the liabilities of a business
(4) failure in servicing a loan [blank_start]_____________[blank_end]
(5) - businessmen are [blank_start]_______________[blank_end]of its personal impact when business is profitable- Anot necessary
- Bnecessary
- Cuses
- Ddoes not use
- Epledge
- Fnot a pledge
- Gresults in force selling of collaterals
- Hdoes not affect collaterals
- Imindful
- Jnot mindful
18Personal guarantees can disrupt the livelihood of the beneficiaries.
- AVerdadero
- BFalso
19Amount to set aside for medical expenses can be calculated based on earnings, age, potential years remaining and current health status.
- AVerdadero
- BFalso
Información
- Descripción
- Legacy and Estate Planning
- Autor
- Lee Fun Yip
- Idioma
- English
- Visitas
- 32
- Etiquetas
- Valoración
- Aún sin valoraciones Valora este test