Estate & Trust Accts
What are the three documents needed to open an estate account?
1. Death Certificate
2. Official Certification of Existence (i.e. IRS EIN document)
3. Letters of administration from Probate
A ______ power of attorney allows the agent to transact on behalf of the principal even though the principal is disabled or incapacitated.
Durable
Previous year contributions can be made until when?
April 15th
Is an operating agreement filed with the state?
No
Escrow, Public Funds, and Campaign accounts do not require what form?
Beneficial Ownership
What must the letters of administration from Probate state in order to open an Estate account and what does it mean?
"NO RESTRICTIONS". This means the Will states that a bond is not needed, or decedents heirs sign a form to waive bond placement.
When opening an HSA account, if adding signers, add them under __________ and mark the chosen survival/termination statement.
Designation of Agent for Account
At what age must someone begin taking their RMD?
73
True or False? You must file Articles of Organization before obtaining an EIN.
True
Unincorporated Associations must identify a _______.
Control person
Federal income
The Office of Foreign Assests Control
When closing an IRA, which amount do we give to the customer?
Memo balance plus interest balance
Every LLC must designate a ______ when filing articles of organization. This person or business entity acts as the official point of contact for legal and government correspondence.
Registered Agent
Who requires the bank to identify and verify beneficial owners of legal entities?
FinCEN (Financial Crimes Enforcement Network)
Irrevocable trust is permanent and cannot be _______ or dissolved once they are funded.
Altered
According to the FDIC, when a person opens an account naming one or more eligible beneficiaries, it is insured under the _______ category.
A. Single Party Accounts
B. Trust Account
B. Trust Account
Non spousal beneficiaries must open a Beneficiary IRA. Funds must be dispersed either in a lump sum, over ______ years, or over their life expectancy.
Five
Articles or Organization ae used to establish ________ while Articles of Incorporation establish _______.
Articles or Organization ae used to establish LLCs while Articles of Incorporation are used to establish corporations.
Every partner in a general partnership, is or is not personally liable for the debts of the partnership?
Each partner IS personally liable for the debts of the partnership.
True or False?
According to the FDIC, an estate account is eligible for additional deposit coverage so the customer can be insured for more than $250,000
False
According to the FDIC, a common misconception is that an estate account can be insured for more than $250,000
A _________ account is where a nursing home or other institution is named representative payee for several recipients.
Collective
When using this trancode you must mail the check to another bank, insurance company, stockbroker, etc. (someone that accepts IRA rollovers).
193 - Transfer to another source
True or False? An LLC that has only one member can be disregarded as an entity apart from its owner for tax purposes and may use their SSN.
True
Upon filing for bankruptcy, the debtor must immediately close pre-petition bank accounts and open new debtor in possession bank accounts. The account name on the bank’s records should include the words:
Debtor in Possession.
Notify Tammy, Alexis, Breanna and add that this is a debtor in possession account in navigator under codes.