Describe the basic trust arrangement, and discuss typical reasons for establishing trusts. What essential qualities should a trustee possess?
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?Discuss the following statement: “The interactions among government, business, and consumers determine the environment in which personal financial plans must be made.”What is a living (inter vivos) trust? Distinguish between a revocable living trust and an irrevocable living trust.The two basic techniques of estate planning are(1) Dividing your estate and (2) Deferring income to minimize taxes.Describe and discuss each of these techniques.Summarize important legislation affecting estate taxes, and briefly describe the impact on estate planning. Explain why getting rid of the estate tax doesn’t eliminate the need for estate planning.
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