Estate Planning
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Providing for guardianship of minor children</p> Signup and view all the answers

    What is the objective of providing needed liquidity at death in estate planning?

    <p>Covering immediate financial needs of the heirs</p> Signup and view all the answers

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