Question: Briefly describe the steps involved in the estate planning process
Briefly describe the steps involved in the estate planning process.
Answer to relevant QuestionsExplain why financial plans must be psychologically as well as economically sound. What is the best way to resolve money disputes in a relationship?What is a will? Why is it important? Describe the consequences of dying intestate.Describe briefly the importance of these documents in estate planning:(a) Power of attorney(b) Living will(c) Durable power of attorney for health care(d) Ethical will.Discuss the reasons estate planners cite for making lifetime gifts. How can gift giving be used to reduce estate shrinkage?Use Worksheet 15.2. When Russell Hypes died unmarried in 2012, he left an estate valued at $7,850,000. His trust directed distribution as follows: $20,000 to the local hospital, $160,000 to his alma mater, and the remainder ...
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