AEP Accredited Estate Planner Mock Tests

I. Advanced Estate Management and Planned GivingThis core domain focuses on the technical aspects of wealth transfer, taxation, and legal structures.Taxation and Legal FoundationsFederal Estate Taxation: Calculation of the gross estate, allowable deductions, and the unified credit.Federal Gift Taxation: Annual exclusions, split gifts, and taxable versus non-taxable transfers.Generation-Skipping Transfer Tax (GSTT): Direct skips, taxable terminations, and GST exemptions.Fiduciary Income Taxation: Taxation of estates and trusts (IRS Form 1041), Distributable Net Income (DNI), and the conduit theory.Wealth Transfer StrategiesLifetime Gifting: Comparative advantages of lifetime gifts vs. testamentary transfers.Trust Structures:Revocable vs. Irrevocable Trusts.Grantor Retained Annuity Trusts (GRATs) and Grantor Retained Unitrusts (GRUTs).Intentionally Defective Grantor Trusts (IDGTs).Qualified Personal Residence Trusts (QPRTs).Marital Deduction Planning: Bypass (Credit Shelter) trusts, QTIP trusts, and portability of the deceased spousal unused exclusion (DSUE).Life Insurance in Estate PlanningOwnership and Beneficiary Designations: Avoiding "incidents of ownership" to keep proceeds out of the gross estate.Irrevocable Life Insurance Trusts (ILITs): Crummey powers and the three-year lookback rule.Life Settlements: Valuation and management of existing life insurance policies in an estate context.II. Business Succession and Valuation (Elective Focus)For practitioners focusing on business owners, this do