From “ Flexible Gift Annuities For Baby Boomers ,” page 24

1 . The Society of Actuaries says a 65-year-old married couple today ____. A . Both have a 50 % chance of living to age 90 B . Enjoy a 25 % chance that one of them will live to age 90 C . Enjoy a 50 % chance that one of them will live to age 90 D . Will more than likely outlive their money

2 . A flexible gift annuity does what ? A . Lets a client make an irrevocable gift to a charity B . Gets the client an annuity that begins at least one year from the date of gift C . Gives the annuitant a decade or more of possible starting payment dates D . All of the above

From “ Muni Bonds Aren ’ t Just For Rich Folks ,” page 42 3 . Muni bonds fall into which two main categories ? A . Revenue bonds and general obligation bonds B . Fixed rate bonds and junk bonds C . Revenue bonds and zero coupon bonds D . None of the above

4 . At third quarter ’ s end , the Baird Strategic Municipal Bond Fund ’ s distribution yield was near ___. A . 2.2 % B . 3.5 % C . 4 % D . 5 %

From “ Why 2024 Tax Planning Is So Murky ,” page 45

5 . Children inheriting a Roth IRA can allow it to grow tax-free for ___, notes one advisor . A . Five years B . 10 years C . 20 years D . Their lifetimes

6 . What ’ s a way to avoid triggering state taxes on Roth conversions ? A . Make quarterly tax payments B . Wait to convert until after they ’ ve moved to a state without income tax C . Itemize D . None of the above

From “ Rollovers And The Fiduciary Duty ,” page 50

7 . _____ is widely recognized as allowing advisors to receive payment otherwise disallowed for certain kinds of advice . A . Prohibited Transaction Exemption ( PTE ) 2020-02 B . ERISA C . Regulation Best Interest D . The Investment Advisers Act of 1940

8 . What activity has currently caused confusion about when a fiduciary role starts ? A . An annuity sale B . Ongoing advice C . A onetime recommendation that a client roll over plan assets D . None of the above

From “ Helping Clients With ‘ The Great Wealth Transfer ,’” page 52

9 . What are some things advisors will have to ask baby boomers about leaving wealth ? A . Do they want to support their grandchildren ’ s education ? B . Do they want to support charitable organizations ? C . How will they both serve their aims after they ’ re gone but keep a lifestyle ? D . All of the above .

10 . What is interactive scenario modeling ? A . The use of family meetings B . The use of one-on-one talks with heirs C . When clients can visualize different financial scenarios based on their objectives . D . None of the above

From “ Flexible Gift Annuities For Baby Boomers ,” page 24

1 . A client using the flexible gift annuity receives an income tax deduction ___. A . At the time the annuity is established C . After 25 years B . When they begin receiving income D . After 30 years

2 . If established with a gift of appreciated assets , the flexible gift annuity ____. A . Will produce taxable income B . Will produce tax-free income C . Will produce ordinary income D . Will produce a blend of tax-free income , ordinary income and capital gains .

From “ Muni Bonds Aren ’ t Just For Rich Folks ,” page 42 3 . General obligation bonds ____.

A . Are secured by assets . B . Are paid for by toll roads . C . Typically offer higher coupons than revenue bonds . D . Are paid for with tax money .

4 . What advantages do muni bonds have ? A . They ’ re exempt from federal income taxes . B . Tax revenues have been rising to pay for projects . C . Other high-yielding things like CDs will suffer when interest rates go down . D . All of the above .

From “ Why 2024 Tax Planning Is So Murky ,” page 45

5 . What ’ s a way to take advantage of lower tax rates today ? A . Speeding up distributions from traditional retirement accounts B . Making quarterly tax payments C . Itemizing D . None of the above

6 . If the Tax Cuts and Jobs Act expires , contributing to a ____ might be a good vehicle for itemizers . A . A donor-advised fund B . A mutual fund C . A Roth IRA D . An annuity

From “ Rollovers And The Fiduciary Duty ,” page 50

7 . What is part of the five-part test under ERISA that somebody is acting as a fiduciary ? A . Their advice is given regularly , not as a onetime recommendation . B . They are recommending an asset rollover . C . They are charging a fee . D . None of the above .

8 . What ’ s an important way that the SEC and Department of Labor ’ s conduct standards differ ? A . The SEC does not require brokers to assume fiduciary status B . The Department of Labor uses Regulation Best Interest C . The SEC does not require brokers to assume fiduciary status D . None of the above

From “ Helping Clients With ‘ The Great Wealth Transfer ,’” page 52

9 . How much in assets is supposedly going to be transferred by baby boomers to the next generation ? A . $ 90 million B . $ 100 million C . $ 1 trillion D . $ 90 trillion

10 . Why have a one-on-one client meeting with a younger heir ? A . You might eventually have them as a client . B . They need a private space to air certain issues . C . They have different needs and goals than someone leaving the money . D . All of the above .

54 | FINANCIAL ADVISOR MAGAZINE | NOVEMBER 2024 WWW . FA-MAG . COM