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CRPC Practice Exam 1

CRPC Practice Exam 1
A lump sum payment of the proceeds of a life insurance
policy that is made to the beneficiary upon the insured's
death - CORRECT ANSWER is generally exempt from
income taxation.
The lump sum proceeds of a life insurance policy (even if
a MEC) paid to a beneficiary are generally exempt from
income taxation. Withdrawals and loans from a MEC may
be taxable. Life insurance proceeds, however, are subject
to estate taxes if the deceased owned a life insurance
policy. If the deceased owner was also the insured, the
death benefits are included in his estate. If the deceased
owner is not also the insured, the current value of the
policy is in the deceased owner's gross estate.
All of the following are reasons reverse mortgages may
become more common in the future except:
A)reverse mortgage fees must be rolled into the loan.
B)reverse mortgages are a potential tool for combating
sequence of return risk.
C)many older Americans have large amounts of equity in
their homes but lack liquid assets capable of sustaining
their lifestyle.
D)government regulatory changes in 2013 standardized
Home Equity Conversion Mortgage (HECM) rules to a
great extent. - CORRECT ANSWER --A
Fees may be rolled into the reverse mortgage, but that is
not required. Until the late 1990s American tax law had
strong incentives to purchase ever more expensive
homes. This effect lingers on today. Next, people have to
live somewhere. Buying a home is a forced savings plan
as the mortgage is repaid each month. In addition,
increases in home prices over time help accrue wealth.
Reverse mortgages have the potential to fight sequence of
return risk in several ways. First, reverse mortgage loans
can pay off the original mortgage and thus eliminate the
need for the original mortgage amount each month.
Lowering income needs reduces the monthly need.
Reducing the monthly need takes pressure off the
portfolio. Also, money from a reverse mortgage is tax free
(like all other loans received). Additionally, during a market
downturn, monthly payments from a reverse mortgage can
be substituted for portfolio withdrawals. In fact, the
monthly reverse mortgage amount can be smaller than the
normal withdrawal from a non-Roth retirement pl

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Specificaties

Niveau: University
School: Chamberlain College Of Nursing
Opleiding: NURSING
Document
Rubriek: Tentamens
Gemaakt op: 03-01-2024
Type: .pdf
Pagina's: 50
Taal: English
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CRPC Practice Exam 1

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