Ran Chen, EA, CFP®

Open Exam Prep

Education EN ↓ 349 episodes

Open Exam Prep: Mastering Financial ExamsThe path to becoming a certified financial professional is known for its difficulty, and finding high-quality, accessible study material shouldn't be the hardest part. Created by Ran Chen—an AI application enthusiast, Financial Advisor, and holder of the EA (Tax), Life Insurance, Series 6/63/65, and CFP® designations—this podcast was born from personal experience. Having navigated these challenging exams himself, Ran realized the need for better resources and created Open Exam Prep as a free solution for aspiring professionals. Each episode breaks down...

Author

Ran Chen, EA, CFP®

Episodes

[Fundamentals] 3, Financial Planning Process 23.12.2024 3:58

Collaborative process to help clients meet life goals through integrated financial advice. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 2, Financial Advice Definition 23.12.2024 3:56

Recommendations on financial plans, asset management, and professional services. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 10, Compensation Models 23.12.2024 3:52

Fee-only, fee-based, and commission structures, with specific disclosure requirements. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 1, Ethics Emphasis 21.12.2024 4:04

Heavy focus on ethics, communication, and professional conduct in financial planning scenarios. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 19, Installment Payments of Estate Tax 20.12.2024 4:09

Sections 6166 & 6161 allow for extended payment periods for closely held business interests. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 18, Income in Respect of a Decedent (IRD) 20.12.2024 3:38

Income a decedent was entitled to but not received before death, included in the gross estate without a step-up in basis. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 17, Generation Skipping Transfer Tax (GSTT) 20.12.2024 3:52

Imposed on transfers to individuals two or more generations younger, with specific rules for direct skips and taxable terminations. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 16, Trusts in Estate Planning 20.12.2024 3:50

Used for management, creditor protection, and tax avoidance. Types include revocable, irrevocable, and specific trusts like GRATs and QPRTs. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 20, Special Use Valuation 20.12.2024 3:57

Section 2032A allows valuation of property based on current use rather than highest and best use, with specific conditions and limitations. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 12, Gifts and Gift Tax 19.12.2024 3:53

Gifts are taxed based on FMV at the date of gift. Split gifts and annual exclusions affect tax liability. CFP Exam Prep Podcast. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 11, Types of Property Ownership 19.12.2024 4:03

Sole ownership, tenants in common, JTWROS, tenants by the entirety, and community property have different probate and tax implications. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 15, Applicable Exclusion Amount 19.12.2024 3:59

Lifetime credit against estate and gift taxes, with specific calculations for taxable amounts. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 14, Marital and Charitable Deductions 19.12.2024 3:56

Unlimited deductions for transfers between spouses and to qualified charities. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 13, Crummey Provision 19.12.2024 3:52

Allows trust contributions to qualify for annual exclusion by creating a present interest. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 10, Avoiding Probate 18.12.2024 3:47

Achieved through state contract law, life insurance, annuities, and certain account types. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 9, Probate 18.12.2024 3:55

Legal process of retitling assets, with advantages like clear title but disadvantages like cost and publicity. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 8, Methods to Transfer Property 18.12.2024 4:01

Includes operation of law, contract, trust, probate, and intestate succession. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 7, Power of Attorney 18.12.2024 3:51

Allows an agent to act for the principal, ceasing at death. Powers can be general or limited. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 6, Will Provisions 18.12.2024 3:51

Survivorship and disclaimer clauses affect inheritance and tax implications. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 3, Important Definitions 17.12.2024 3:35

Decedent, heirs, legatees, donor, donee, abatement, and ademption are key terms in estate planning. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 2, Unauthorized Practice of Law 17.12.2024 3:51

Only licensed attorneys can draft legal documents. Planners should refer clients to attorneys for legal advice. CFP Exam Prep Podcast. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 1, Estate Planning Process 17.12.2024 4:09

Involves accumulation, management, conservation, and transfer of wealth considering legal, tax, and personal objectives. Effective and efficient transfers are crucial. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 4, Basic Documents 17.12.2024 3:52

Includes wills, durable power of attorney, and advance medical directives to manage assets and healthcare decisions. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Estate Planning] 5, Types of Wills 17.12.2024 3:39

Survivorship and disclaimer clauses affect inheritance and tax implications. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/