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Peril vs Hazard
During a risk management review, a financial planner is explaining the difference between perils and hazards to a client. Which of the following correctly identifies a peril and a hazard? Peril: Fire destroying a home Hazard: Faulty wiring in the home Peril: Ice on the sidewalk Hazard: Slipping and breaking a leg Peril: Car left unlocked…
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Behavioral Finance and the Retirement Planning Gap: How CFP® Professionals Can Lead the Way
CFP® Board In The News According to a July 2025 feature shared by the CFP Board, Americans are facing a growing retirement planning gap – and it’s not just about money. It’s about mindset. While many individuals have access to retirement accounts, data shows that confidence, consistency, and emotional decision-making often derail even the most…
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Gifts Added Back to Estate at Death
Course: Estate PlanningLesson 5: Transfer Taxation II Lifetime Transfers Student Question: If the gift tax is paid what is the need to add the gift back to the estate at death? is that not double taxation? Instructor Response: It certainly feels that way, doesn’t it? But it’s really not. If I give away say $1million…
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HO-3 Coverage A
Maria owns a single-family home insured under an HO-3 homeowners’ policy. Which of the following is covered under Coverage A – Dwelling? Damage to Maria’s detached garage caused by a windstorm Damage to Maria’s personal property inside the home caused by fire Replacement of the roof of Maria’s home after a hailstorm Medical payments to…
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CFP Board Reviews Competency Standards: What This Means for the Future of CFP® Certification
CFP® Board Updates In June 2025, the CFP Board opened a public comment period to gather feedback on proposed revisions to its Competency Standards – the foundational framework that defines what CFP® professionals must know and demonstrate to serve clients ethically and effectively. Although the August 5 comment deadline has now passed, this initiative marks…
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Crummey Powers
Course: Insurance PlanningLesson 16: The Irrevocable Life Insurance Trust Student Question: Must Crummey powers always be in effect to apply the annual gift tax exclusion in order to transfer to an irrevocable trust? Or is it the case that as long as it was done once, will all transfers be eligible for the annual gift tax exclusion?…
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Tax Avoidance versus Evasion
Which of the following scenarios best illustrates tax avoidance rather than tax evasion? Sarah intentionally underreports her cash income from a side business to reduce her taxable income. Tom invests in a municipal bond fund to receive tax-free interest income. Lisa pays her household employee in cash and does not issue a Form W-2 or withhold…
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CFP Board Survey Reveals Financial Misinformation Crisis: Why CFP® Professionals Matter Now More Than Ever
CFP® Board Updates In June 2025, the CFP Board released results from its latest national survey titled: “Steering Clear of Financial Misinformation: A Survey of Americans.” The findings were striking – and a wake-up call for financial professionals everywhere. Key Findings from the CFP Board Survey 57% of Americans say they’ve made financial decisions they…
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Skip Persons and the Generation Skipping Transfer Tax
Course: Estate PlanningLesson 7: Transfer Taxation IV – Generation Skipping Transfers Student Question: Regarding example below, would the death of the father, Stephen, not move Andrew one step up making him only one generation below Mrs. Jones? Would this not remove the generation skipping transfer tax? EXAMPLE: Upon her death, Mrs. Jones left her estate…
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