Exam 16: Estate Planning: Saving Your Heirs Money and Headaches

The first step in estate planning is to determine the value of your estate.

A trust in which you relinquish title and control of the assets when they are placed in the trust,which becomes a separate legal entity,is called a(n)

Provide some common sense approaches to estate planning.

In most states,community property is recognized and trumps any allocations in your will.

A will created by an attorney cannot be contested.

The legal procedure that establishes the validity of a will,and then distributes the assets of the estate including the payment of any taxes,is called

You and your brother have decided to invest in the stock market together.You will put in $5,000 each and open a single account at a brokerage.How should the ownership of this account be established if both of you wish the other to keep all the money in the event that the other should die?

If you were to create a trust by your will,which becomes active only after you die,then you have created a(n)

In some states,property that is acquired during a marriage is referred to as ________ and upon the death of either spouse,his/her half is distributed according to the will,or if intestate,according to state law.

You are engaging in ________ when you plan for what happens to your accumulated wealth and your dependents after you die,as well as determining decision-making authority should you be physically or mentally impaired.

The law allows you to give $25,000 per year tax free in 2017 to as many people as you'd like.