AAFM CTEP Exam Actual Questions

Name: Chartered Trust & Estate Planner (CTEP) Certification Examination
Brand: QA4Exam
SKU: CTEP
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The questions for CTEP were last updated on Oct 2, 2024.

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Question No. 1

You are a Trust and Estate Planner. Mr. Keith is your client. He is 45 years old. He asks you that in case he wants to leave assets for the life benefit of his spouse, but ultimately have the funds pass to his children by a prior marriage he should create ______________________. He further asks you to explain disadvantages of such arrangement. You tell him that the disadvantages of the arrangement are ____________ of the given options.

ALiving Trust; All of the above

BLiving Trust; All except (iii)

CQTIP Trust; All except (ii)

DQTIP Trust; All except (i)

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Correct Answer: D

Question No. 2

Which of the following statement(s) about Credit Shelter Trust is/are correct?

AOnly (ii) and (iii)

BBoth (i) and (iv)

CAll except (i)

DAll of the above

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Correct Answer: D

Question No. 3

Which of the following income comes under ''FDAP Income''?

ABoth (i) and (ii)

BAll except (iv)

CAll except (iii)

DAll of the above

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Correct Answer: D

Question No. 4

Mr. Nitin wants to know the value of estate (before taxation) as on 1st January 2013.

A$10,363,509

B$10,513,509

C$10,280,000

DNone of the above

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Correct Answer: A

Question No. 5

The Client wants to find out the value of estate that his spouse and each of their children would receive assuming he dies today.

A$2,804,035

B$2,774,035

C$2,757,333

D$2,772,702

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Correct Answer: B

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