1. All of the following are eligibility qualifications for Medicaid benefits EXCEPT:

A) Income below a certain level
B)
Assets below a certain level
C)
Pregnant or support minor children
D)
Disability payments are depleted

2. Your elderly single client (Thomas) comes to you as his financial planner for help. Thomas has no debt, but he realizes that his memory is not as good as it used to be and his daughter (Lisa) is concerned that health issues might cause him to be hospitalized in the near future. Which of the following should you recommend:

I. Life insurance
II. Health care directive
III. Durable power of attorney
IV. Long-term care insurance

A) I and III only
B)
II and IV only
C)
II, III and IV only
D) I and II only

3. The specific power of attorney selection that doesn't go into effect until the individual becomes incapacitated is known as:

A) Springing power
B) Testamentary power
C) Limited power of attorney
D) Special power attorney

4. Which of the following estate planning tools would provide a good source of income for the life of someone that is unable to generate their own income due to disability or mental illness?

I. Growth mutual funds
II. Supplemental needs trust
III. ILIT
IV. Fixed annuity

A) I and II only
B)
II and III only
C)
II and IV only
D) I and IV only




Answer Key

Related Articles
  1. Trading

    Introduction To Level II Quotes

    Level II quotes show a ranked list of the best bid and ask prices from each market participant, providing detailed insight into a stock’s price action.
  2. Trading

    The ABCs Of Option Volatility

    The mystery of options pricing can often be explained by a look at implied volatility (IV).
  3. Financial Advisor

    6 Proven Tips For Series 6 Success

    These techniques can help you pass this test without the added stress.
  4. Personal Finance

    Tips for Taking the CFA Exam: Part 1

    Peter Mackey, head of exam development for the CFA Institute, shares his tips for taking the CFA level I, II and III exams.
  5. Personal Finance

    Tips for Taking the CFA Exam: Part 2

    Peter Mackey, head of exam development for the CFA Institute, shares his tips for passing the CFA level I, II and III exams.
  6. Personal Finance

    What To Expect On The CFA Level II Exam

    This article will help you understand the nuances of the CFA Level II exam.
  7. Managing Wealth

    Tips for Insuring Your Salary

    Those with high incomes really can’t afford to be without disability insurance. Here's why.
  8. Insurance

    Choosing The Best Disability Insurance

    Social Security benefits can be hard to collect. Find out why you need disability insurance to protect your income, and learn how to choose the right policy for you.
  9. Managing Wealth

    Why Designate a General Power of Attorney?

    Because it will ensure your financial and personal affairs are handled according to your wishes should you ever be incapacitated or unavailable.
Trading Center