1. Please explain the difference between the following documents: (a) Medical Power of Attorney; (b) Statutory Durable Power of Attorney; (c) Declaration of Guardian; and (d) Advance Directive to Physicians.
2. Please describe how you arrive at each of the following to determine the tax which will be owed at someone’s death for estate tax purposes: (a) gross estate; (b) adjusted gross estate; (c) taxable estate; (d) tentative tax base; and (e) tentative tax. Give an explanation of what you do at each stage.
3. Write at least 200 words on why estate planning is important. Treat it like a pitch you are giving to a new client.
4. What are four gifting strategies? Further, in what ways can you advise clients to help out people without making a taxable gift?
5. What is the difference between an independent and dependent administration?
6. What is a self-cancelling installment note (“SCIN”)? How is it used? When is it useful?
7. What are the common goals and objectives of estate planning?
8. What is the gift tax annual exclusion for a non-citizen spouse?
9. List all of the transfers we have learned about which will not result in a gift tax obligation.
10. What are the common duties of an Executor or Administrator?