Which of the following correctly describe a role played by a member of the estate planning team? Accountant: preparation of financial and cash flow statements Attorney: preparation of legal documents Trust officer: original writing of basic trust instruments to be customized for the client Financial planner: coordination of the elements of the plan A)I, II, and III B)II and III C)I, II, and IV D)I and IV
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Which of the following correctly describe a role played by a member of the estate planning team?
- Accountant: preparation of financial and cash flow statements
- Attorney: preparation of legal documents
- Trust officer: original writing of basic trust instruments to be customized for the client
- Financial planner: coordination of the elements of the plan
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- Which of the following statements are correct regarding the characteristics of a conservatorship (guardianship of the estate) used to care for an incompetent person's property? I. the powers of the conservator are set forth in either a revocable living trust or a contingent standby trust. II. the conservator may have to file annual reports regarding the status of the assets under his care. III. the conservator may be required to post a performance bond. IV. the conservator has a fiduciary duty to care for the incompetent person's property. A) I, II, III, and IV B) I and II C) II, III, and IV D) I and IVThe party to which legal title and management responsibilities are initially given in a trust agreement is referred to as the a. trustee. b. remainderman. c. grantor. d. beneficiary.It is important to understand the difference between custodial and trust funds. How many financial statements have been produced for each of the organizations mentioned above?
- Which of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.a. What is the difference between distributing property per capita and per stirpes? When would a per stirpes distribution be required? what are two ways in which the duties of an administrator differ from those of an executor? Must the grantor, trustee, and beneficiary of a trust all be different people? What formalities must be followed to create a testamentary trust?ALM (Asset Liability Management) is particularly critical for: Group of answer choices B. Trust Companies C. Endowments D. Financial Institutions A. Nonprofit Entities
- Describe the financial statements and journal entries utilized to account for estate and trust transactions.Which of the following accounts are used as income statement-like accounts in investment trust funds, private purpose trust funds, and custodial funds? Assets and liabilities Revenues and expenses Additions and deductions Transfers in and out None of theseWhich of the following would be considered a general capital asset? Select one: a. Real estate purchased with the assets of a pension trust fund. b. A vehicle purchased from General Fund revenues. c. A vehicle purchased and maintained by an enterprise fund. d. A computer purchased from revenues of an internal service fund and used by the supplies department.
- Which of the following organizations/entities does a mutual fund appoint to collect money received fromthe fund's purchasers and from portfolio income, as well as to arrange for cash distributions? a) A fundcustodian. b) A fund distributer c) A fund principal. d) A fund managerWhat measurement focus and basis of accounting should be used by a local government's private-purpose trust fund? Current financial resources Modified accrual Economic resources Modified accrual Current financial resources Accrual Economic resources AccrualWhich of the following is a charitable lead trust? Choose the correct.a. The income of the trust fund goes to an individual until death, at which time the principal is conveyed to a charitable organization.b. Charitable gifts are placed into the trust until a certain dollar amount is achieved and is then transferred to a specified charitable organization.c. The income of a trust fund goes to a charitable organization for a specified time with the principal then being conveyed to a different beneficiary.d. A charity conveys money to a trust that generates income for the charity’s use in its various projects.