ABA CTFA Practice Test - Questions Answers, Page 56
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Performance as _____________ is normally the only true trust relationship administered by a corporate trust department.
Charitable trust that is an irrevocable trust and that may be testamentary or inter-vivos (Between living persons) is called:
The duties of a guardian in guardianship arrangements are similar to those of a trustee.
Specifically, the guardian is obligated to:
1) Protect and preserve the assets
2) Submit an inventory and appraisal to the court
3) Retain or divest assets
4) Use principal and income for the benefit of the ward
5) Submit an annual accounting to the court
The responsibility of setting an estate includes:
Unlike trust, there is no conveyance of title to the account assets. When the ________ relationship is established; legal title to the property remains with the principal.
To server as family and/or financial planning tool
To provide for retirement
To obtain favorable tax treatment
These are the primary reasons
Relief from administrative details and continuity are the major reasons for:
The trustee is responsible for producing a schedule of distribution which includes information as:
The accumulation phase in annuities can last from as long as:
Annuities can be purchased through the following methods EXCEPT:
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