Estate Planning Chapter 1 and 2 Questions and Answers Graded A+

Estate Planning Chapter 1 and 2
Questions and Answers Graded A+

Estate planning defined - Correct answer-The process of accumulation,

management, conservation, and transfer of wealth, considering legal, ta,x and

personal objectives

Goals of Estate Planning - Correct answer-- Eliminate uncertainty

- ensuring effective and efficient transfers

- planning ahead to provide liquidity at death to pay for last medical expenses,

burial costs, support surviving family members, and taxes.

Effective transfer - Correct answer-ensuring decedents' assets are transferred

according to his or her wishes

Efficient transfer - Correct answer-honoring the decedent's wishes while

minimizing transfer costs (probate proceeds and wealth transfer taxes)

For later, the importance of marital status in estate planning - Correct answer--

Property titling - laws on joint tenancy, community property, tenancy by the

entirety
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, - probate spousal rights

- wealth transfer taxes

For later, Tools for wealth protection - Correct answer-- insurance products

- medicaid

- social security benefits

- trusts

estate planning process - Correct answer-1. Establish the client planner relationship

2. Gather client information and establish objectives

3. Determine the client's financial status

4. Develop a comprehensive plan

5. Implement the plan

6. Review and update the plan when necessary

unauthorized practice of law - Correct answer-- Certain activities are clearly

reserved for licensed attorneys, such as drafting legal documents

- regulated by the Supreme Court

Main estate planning documents (4) - Correct answer-1. will


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