LLQP Exam Dumps : Life License Qualification Program (LLQP)

Comprehensive and Detailed Explanation From Exact Extract:

For young children, atrusteemust be named to manage proceeds. For tax obligations, naming theestatesimplifies settling liabilities such as RRSP taxes. LLQP outlines this structure as appropriate in combined term-permanent planning for dependents and estate tax planning.

Facing potential job loss, the priority for Priscilla should bebuilding an emergency fundrather than continuing to invest. Emergency funds provide essential liquidity in the event of unexpected income loss.

Exact Extract:

"Establishing an emergency fund to cover living expenses during unforeseen circumstances is fundamental before committing to longer-term investments like segregated funds."

(Reference:Segfunds-E313-2020-12-7ED, Chapter 1.1.2.5 Liquidity​)

Under Quebec’s "separation as to property" regime, each spouse retains ownership of their assets unless joint ownership exists. However, the family patrimony typically mandates the division of certain assets, regardless of marital property regimes, unless waived by mutual consent. As they waived the family patrimony, they are exempt from dividing family assets. However, jointly-owned assets such as the cottage acquired together would require division. Isaac's dental practice and life insurance policy are personal assets and not subject to division as they fall outside jointly-owned property​​.

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