Chartered Advisor in Philanthropy (CAP®)

Question 1

Which estate planning tool allows a donor to transfer assets to a trust, receive an annuity payment for a fixed term, and pass remaining assets to heirs with reduced gift tax?

Grantor Retained Annuity Trust (GRAT) Charitable Remainder Annuity Trust (CRAT) Donor Advised Fund (DAF) Qualified Personal Residence Trust (QPRT)

Correct Answer:

Grantor Retained Annuity Trust (GRAT)

Question 2

Under current U.S. law, what is the federal estate tax exemption amount per individual for 2024?

$$5.49 million $$10.92 million $$12.92 million $$13.61 million

Correct Answer:

$$13.61 million

Question 3

A philanthropic advisor recommends a testamentary charitable bequest. Which document is used to make this gift?

Revocable living trust Last will and testament Beneficiary designation form Charitable gift annuity agreement

Correct Answer:

Last will and testament

Question 4

Which strategy allows a high-net-worth donor to remove life insurance proceeds from their taxable estate while still funding a charity at death?

Split-dollar life insurance arrangement Irrevocable Life Insurance Trust (ILIT) with charity as beneficiary Whole life policy held personally with charity as beneficiary Group term life insurance through employer

Correct Answer:

Irrevocable Life Insurance Trust (ILIT) with charity as beneficiary

Question 5

What is the primary purpose of a 'pour-over will' in an estate plan that includes a revocable living trust?

To distribute assets to heirs outside the trust To transfer probate assets into the revocable trust at death To establish a new charitable fund at death To replace the need for beneficiary designations

Correct Answer:

To transfer probate assets into the revocable trust at death

Question 1

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About this Exam

Prepare with the Chartered Advisor in Philanthropy (CAP®) practice quiz. This question bank includes 30 questions covering philanthropic, advisor, charity, claims, and processing. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Chartered Advisor in Philanthropy (CAP®)

This practice set contains 30 questions from the matching question bank and focuses on philanthropic, advisor, charity, claims, and processing. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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About this Exam

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Chartered Advisor in Philanthropy (CAP®)

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