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In Focus: Intergenerational Wealth
Aug 25 2021
How to integrate LPAs into family wealth planning
To understand why clients might need an LPA.
To be able to explain the benefits of using an LPA.
To be able to show how an LPA can work with intergenerational planning.
To understand why clients might need an LPA.
To be able to explain the benefits of using an LPA.
To be able to show how an LPA can work with intergenerational planning.
CPD
Approx.
30min
CPD
Approx.
30min
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CPD
Approx.
30min
Photo: Craig Adderley via Pexels
By
Satjivan Aujla and Annabella King
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Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.
According to the authors, the LPA allows the donor to choose people to do what?
Sort out the will when they die
Do their estate planning
Make decisions for them
Arrange their funerals
An attorney must be:
A wealthy person
Someone who understands finance
Someone related to the donor
An adult of sound mind who is not bankrupt
Why do the authors say it is good to put an LPA in as early as possible?
So the clients have peace of mind
So the adviser can get it out of the way
So that it can be used in light of an emergency situation
So that the costs can be reduced
True or false: An individual can have more than one LPA in operation at the same time?
True
False
According to the authors, an LPA can work together with the will as part of what?
An individual's succession plan
An individual's inter-vivos gifting plan
An individual's legal plan
An individual's pension plan
What can LPAs NOT be used for, according to the authors?
To manage someone's affairs if they are incapacitated
To pass more significant wealth down the generations
To work within a legal framework
To be used as part of long-term care arrangements
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