Discuss the importance and goals of estate planning. Explain why estates often break up. Distinguish between the probate estate and the gross estate.
Answer to relevant QuestionsWhat is the role of money in setting financial goals? What is the relationship of money to utility?Briefly describe the steps involved in the estate planning process.What is meant by the probate process? Who is an executor, and what is the executor’s role in estate settlement?What is a gift, and when is a gift made? Describe the following terms as they relate to federal gift taxes:(a) Annual exclusion(b) Gift splitting(c) Charitable deduction(d) Marital deduction.George Reed, 48 and a widower, and Debbie Moore, 44 and previously divorced, were married five years ago. There are children from their prior marriages, two children for George and one child for Debbie. The couple’s estate ...
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