Income Tax
This amount is deductible when virtual currency declines in value. .
What is nothing?
This estate planning document is typically not notarized.
What is a Will.?
It's a psychological process by which a person's free will and judgement is supplanted by that of another.
What is Undue Influence?
The maximum amount an individual can buy each calendar year in I- bonds.
What is $10,000
Name at least 4 types of IRAs.
What are: Simple, Traditional, Roth, SEP, Rollover, Spousal, Inherited, Self-directed.
These persons are eligible for the revised May 15 filing and paying deadline for 2022 returns.
Who are those living in FEMA declared disaster areas.
This may be utilized to rebut the presumption that certain transfers are presumed to be the product of fraud or undue influence.
What is a Certificate of Independent Review
Name four of the six standard Activities of Daily Living (ADLs) that trigger Long Term Care Insurance benefits.
What are Bathing, Dressing/Grooming, Toileting/Continence, Ambulating, Transferring, Eating.
This account allows a donor to make multiple years’ worth of annual exclusion contributions in 1 year.
What is a 529 College Savings Plan.
Your new RMD age if you were born in 1960 or later under SECURE Act 2.0.
What is age 75?
The foreign bank account report (FBAR) is required if the taxpayer is a US person, has an interest or signature authority over a foreign account, and if the dollar value at any time during the year exceeds this amount.
What is $10,000
This law generally provides that a trust may not last longer than 21 years after the death of the last potential beneficiary to die who was living at the time the trust was established.
What is The Rule Against Perpetuities
Name two types of dementia.
What are Lewy Body, Vascular, Alzheimer's, Frontal Temporal Dementia (FTD), Parkinson's, Korsikoff's Syndrome.
If a $100,000 bond portfolio has a duration of 5, and if general interest rates rise by 2%, what is the new value of the portfolio?
What is $90,000
Under SECURE Act 2.0, effective in 2023, the penalty for a missed RMD is now reduced from 50% to this number (percent).
What is $25%
This time period must be carefully considered when buying back an asset sold to claim a tax loss.
What is 30 days before or after the sale.
The maximum age that assets can be held under the California Uniform Transfers to Minors Act if the age is specified and it is not created under a trust:
What is age 21.
Name two of the qualifying diagnoses for Regional Center eligibility for services.
What are Autism, Cerebral Palsy, Epilepsy, Intellectual Disability.
The excess return of an investment relative to the return of its benchmark index is known as this.
What is Alpha
When a retirement plan is payable to a qualifying see-through trust, this type of trust allows the trustee to withdraw the required minimum distribution and continue to hold the RMD amount within the trust rather than distribute it out.
What is an Accumulation Trust.
The time limit of an irrevocable trust to pay out income to avoid generating a tax liability to the trust.
What is 65 days after the end of the tax year in which it was earned.
The default position when a trust instrument does not specify whether co-trustees must act unanimously or by majority.
What is Unanimously.
In a new law codified in 2022, it's the term describing the ability to make a choice, understand the choice you are making, appreciate the risks and benefits of that decision, and describe the purpose of that decision.
What is Informed Decision-Making.
The amount of taxable distribution of a 71-year-old owning a non-qualified annuity with a market value of $100,000, a cost basis of $70,000, who then took a $20,000 non-annuitized distribution.
What is $20,000 (assumes last in, first out).
Based on Secure Act 2.0, powers of appointment within an accumulation trust are limited to this.
What is No limitation (none).