Inter Vivos Trust

KNOWLEDGE EXPECTED OF: QAFP^® Professionals

Awareness The state of being aware that something exists / to have familiarity with a particular activity or subject		Understanding To comprehend the general relationship of particulars / to have an expertise with how something works	Application Ability to put information to use / to use knowledge for relevant, practical purposes					Evaluation To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
Define To state exactly the meaning of	Identify To be aware of / to recognize and correctly name / to locate an appropriate resource	Explain To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it	Determine To ascertain / to come to a decision, such as by investigation or reasoning	Compare To note the similarities and differences between two or more things	Estimate To determine an approximate value for	Calculate To find the value using mathematics	Convert To change from one form or purpose to another	Evaluate To reach a conclusion or make a through careful study	Interpret To give the meaning of / to construe or understand / to translate orally

Hold cursor over or click on each term to read its definition.

Define an inter vivos trust.¹
Identify that the terms of an inter vivos trust may be established through a trust document.
Identify the purpose for which types of inter vivos trusts may be used.

Awareness The state of being aware that something exists / to have familiarity with a particular activity or subject		Understanding To comprehend the general relationship of particulars / to have an expertise with how something works	Application Ability to put information to use / to use knowledge for relevant, practical purposes					Evaluation To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
Define To state exactly the meaning of	Identify To be aware of / to recognize and correctly name / to locate an appropriate resource	Explain To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it	Determine To ascertain / to come to a decision, such as by investigation or reasoning	Compare To note the similarities and differences between two or more things	Estimate To determine an approximate value for	Calculate To find the value using mathematics	Convert To change from one form or purpose to another	Evaluate To reach a conclusion or make a through careful study	Interpret To give the meaning of / to construe or understand / to translate orally

Hold cursor over or click on each term to read its definition.

Define an inter vivos trust.¹
Identify that the terms of an inter vivos trust may be established through a trust document.
Identify the purpose for which types of inter vivos trusts may be used.

Additional Knowledge Expected of CFP Professionals

Identify the Canada Revenue Agency’s requirements for an inter vivos trust to qualify as a spousal or common-law partner trust.²
Identify the Canada Revenue Agency’s requirements for an inter vivos trust to qualify as a joint spousal or common-law partner trust.³
Identify the Canada Revenue Agency’s requirements for an inter vivos trust to qualify as an alter ego trust.⁴
Identify for whom an inter vivos trust may be suitable.
Determine how each of these factors may impact the suitability of establishing or maintaining an inter vivos trust: