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Questions and Answers
What is the primary goal of estate planning?
What is the primary goal of estate planning?
- Exclude certain family members from inheritance
- Ensure complicated legal processes
- Maximize transfer taxes and costs
- Minimize transfer taxes and costs (correct)
What is the purpose of the probate process in estate planning?
What is the purpose of the probate process in estate planning?
- Minimizing liquidity for the heirs
- Maximizing transfer taxes
- Changing title of assets from the decedent to the heirs and legatees (correct)
- Excluding certain beneficiaries
What is the risk of failing to plan an estate?
What is the risk of failing to plan an estate?
- Client’s property transfer wishes unfulfilled (correct)
- Minimizing net assets to heirs
- Maximizing liquidity to cover client’s debts
- Excessive transfer taxes and costs
What is the role of guardianship in estate planning?
What is the role of guardianship in estate planning?
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What is the objective of providing needed liquidity at death in estate planning?
What is the objective of providing needed liquidity at death in estate planning?
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