What is the lesser of 25% of employee's compensation or $53,000
100
Used to ensure that the beneficiary doesn't lose government benefits they are receiving
What are Special Needs Trusts
100
Annual gift tax exclusion for a married couple
What is $28,000 per gift recipient
100
This represents the maximum premium allowed to be paid in a given year in the early years of a life insurance policy. Anything more will make the policy a Modified Endowment Contract.
What is the Initial Seven-Pay Premium?
100
Number of Fed rate hikes YTD
What is 2?
200
Threshold to deduct "management fees" as a miscellaneous deduction on your tax return
What are amounts over 2% of AGI
200
Strategy used to lessen the burden of day to day Trust management on family members
What is a naming a Corporate Trustee
200
Percentage of Joint Non-Qualified account that receives a step up in basis upon the first passing (assume 2 owners)
What is 50%?
200
The two types of underwriting required to approve a policy
What are
1) Financial Underwriting
2) Medical Underwriting
200
Best performing Asset Class YTD
What is Emerging Markets
300
Supplemental income tax in addition to baseline income tax for certain individuals that have exemptions or special circumstances allowing for lower payments of standard income tax
What is the Alternative Minimum Tax (AMT)
300
Trust that may be subject to probate
Testamentary Trust
300
Ideal assets to leave to Charity at death
What are Qualified assets?
300
The tax benefit(s) lost when a life insurance policy becomes a MEC
What is Tax free withdrawals and loans?
300
TIAA's smartest participant
Who is Albert Einstein
400
Earliest age at which an ordinary withdrawal from an employer sponsored retirement account potentially avoids 10% penalty
What is age 55
400
Three potential tax benefits of using a CRAT
What are
1. Avoid capital gains on appreciated securities
2. Income tax deduction in year CRAT is established
3. Assets removed from taxable Estate
400
Common strategy used to handle Estate Liquidity concerns
What is incorporating a Survivorship life insurance policy to provide liquidity at the second death
400
DAILY DOUBLE
Look back period when an insurance policy is initially established using an ILIT
What is there is no look back period
400
Current 10 Year Treasury Yield
What is 2.13%
500
Applicable tax rate for cost basis when utilizing Net Unrealized Appreciation for Employer Stock
What is ordinary income
500
Common planning used for a Second marriage
What is a QTIP (Qualified Terminable Interest Property)
500
Strategy used to minimize the impact of your residence on your Taxable Estate
What is establishing a Qualified Personal Residence Trust (QPRT)
500
4 characteristics of an ideal candidate for Supplemental Retirement Income plan
What is
1) high income earner
2) 10-15 year time horizon
3) looking for tax free income in retirement
4) potential need for insurance protection in the near term