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 Los Angeles Lawyer
The Magazine of the Los Angeles County Bar Association
 
 

December 2009     MCLE Test and Answer Sheet

Test No. 187: Holding On

 
 

Instructions for Obtaining MCLE Credit

The Los Angeles County Bar Association certifies that this activity has been approved for Minimum Continuing Legal Education credit by the State Bar of California in the amount of 1 hour. To apply for credit, please follow the instructions.

1. Study the CLE article.

2. Answer the test questions by marking the appropriate boxes. Each question has only one answer.

3. Photocopies of this answer sheet may be submitted; however, this form should not be enlarged or reduced. Mail the answer sheet and the $15 testing fee ($20 for non-LACBA members) to:

Los Angeles Lawyer
MCLE Test
P.O. Box 55020
Los Angeles, CA 90055 

Make checks payable to Los Angeles Lawyer.

4. You can also fill in the test form and submit it directly to LACBA by clicking "Submit." To submit your test answers online you will need to pay by credit card. After submitting your answers you will be presented with a screen requesting payment information. This information will be submitted in a secure mode which will allow you to safely transmit your credit card number over the Internet. If you prefer not to pay by credit card, please print this answer sheet and submit your responses by regular mail.

5. Within six weeks, Los Angeles Lawyer will return your test with the correct answers, a rationale for the correct answers, and a certificate verifying the CLE credit you earned through this self-assessment activity.

6. For future reference, please retain the CLE test materials returned to you.

 
 Test Sheet
 
 

Mark your answers to the test by clicking next to your choice.  All questions must be answered.  Each question has only one answer. This test is worth 1 hour of credit.*

1. The amount of the California homestead exemption varies according to the length of time the debtor has lived in the residence.
 True.
 False.

2. The amount of the California homestead exemption varies according to the debtor's age.
 True.
 False.

3. If the IRS seeks the seizure of a California residence for unpaid federal taxes, the residence still qualifies for the homestead exemption.
 True.
 False.

4. Assets in a qualified retirement plan governed by ERISA are exempt from a claim by the Franchise Tax Board for state income taxes.
 True.
 False.

5. A divorcing spouse may make a claim on the contributions of his or her spouse to the spouse's qualified retirement plan.
 True.
 False.

6. Assets in a qualified plan are exempt from creditors’ claims, regardless of the number of participants in the plan.
  True.
 False.

7. The IRS has elected not to seize assets in a qualified ERISA plan prior to the debtor-participant’s right to receive distributions, despite the power of the IRS to do so.
 True.
 False.

8. A state fraudulent conveyance statute will trump the antialienation provisions of ERISA.
 True.
 False.

9. The intentional overfunding of an ERISA qualified plan may result in the assets of the plan being seized by creditors.
 True.
 False.

10. ERISA affords no asset protection benefits after plan assets have been distributed to a plan participant.
 True.
 False.

11. A life insurance contract is an exempt asset under California law.
 True.
 False.

12. No portion of the cash surrender value (or loan value) of a life insurance contract is exempt from the claims of creditors.
 True.
 False.

13. An annuity contract generally is not exempt from creditors’ claims.
 True.
 False.

14. Receiving loans from a California private retirement plan will destroy the exempt status of the plan.
 True.
 False.

15. A California private retirement plan must have nonowner participants for the plan assets to be exempt from creditors.
 True.
 False.

16. ERISA governs an individual retirement account.
 True.
 False.

17. The loan value of an unmatured life insurance contract is exempt from execution.
 True.
 False.

18. Debtors whose IRAs contain more funds than necessary for their retirement needs will find their IRAs less likely to be exempt from the claims of creditors.
 True.
 False.

19. The recipients of the death benefits of a life insurance contract enjoy a limited exemption following the death of the insured.
 True.
 False.

20. An irrevocable life insurance trust (ILIT) may offer asset protection as well as estate tax reduction benefits.
 True.
 False.

Address and Billing

After submitting your answers you will be asked to enter your name, address, and payment information on the next screen. Once you have submitted the current form, you will be switched to a secure mode which will allow you to safely transmit your credit card number over the Internet.

If you do not wish to complete this transaction over the Internet you should print this page and send it to the address listed in Step 3 of the instructions at the top of this page.


 
Before clicking the Submit button, please verify that all questions have been answered. An error message will appear if not all questions are answered.

* The Los Angeles County Bar Association has been approved as a continuing legal education provider of Minimum Continuing Legal Education credit by the State Bar of California. This self-assessment activity will qualify for Minimum Continuing Legal Education credit by the State Bar of California in the amount of one hour.

 


 
  
 

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