Do we need to know the 7 structures in detail ? LOS implies a generic solution to a set of basic characteristics. Anyone advise?
- Personal Account 2)Generation Skipping Trust 3)Genration Remainder Trust 4)CRT and CLT 5)Tax Deferred Accounts 6) Foundations 7) Variable Life Insurance
Thanks bigwilly but Im already familiar with the list. My question is more about whether we need to remember the details of each specific structure ? Any ideas ?
haha, yeah sorry about that, I was testing myself. I think you should know enough to answer an Item set. I wouldnt think there would be an Essay type question on this but hey you never know.
Know which ones are tax efficient and some general notes on each. I don’t think any in depth will be asked. Also try to understand what is best applicable given a situation. For instance, don’t recommend a GRAT as a long term solution to transferring assets