Exam 20: Estate Planning

An estate represents a deceased person's assets after all debts are paid.

Estate planning commonly involves trusts,gifts,and contributions for the purpose of avoiding estate taxes.

Once you have a positive net worth to be distributed upon your death,you should consider creating a will.

A(n)________ is a document that specifies changes in an existing will.

What three types of planning help you protect your wealth?

Even a parent without significant net worth needs a will to appoint a guardian for children.

For the purpose of avoiding estate taxes,estate planning involves all but

Name three types of trusts.

Estate planning decisions are affected by what five areas?

The giving of annual individual gifts up to the allowable amount is especially important for

When estate taxes are levied they start in the ________ percent tax bracket.

If you wish to be cremated when you die,this request should be included in a

In order to be valid,a will must be dated,signed,and witnessed.

Estate planning is the act of planning how your wealth will be allocated before your death.

The document that describes funeral preferences and indicates where key financial records are kept is called the letter of last rites.

Any money donated from an estate to charitable organizations is given after estate taxes are paid.

In choosing a guardian for your children,you should

The tax-free portion of an estate is quite high-$3.5 million.

If the executor of a will is not able to perform the appointed tasks,then

A ________ is a legal document granting a person the power to make specific decisions for you in the event that you are incapable.