Question: Although he has a vast fortune, Mickey has decided not to prepare an estate plan because he believes that his surviving family members will divide

Although he has a vast fortune, Mickey has decided not to prepare an estate plan because he believes that his surviving family members will divide up his assets appropriately. Which of the following is not a risk associated with failing to plan an estate?
Mickey's favorite Corvette may not be transferred to his ex-wife, Stacey.
Mickey's estate may incur excessive transfer taxes.
Mickey's IRA account may not be paid out to the named beneficiary.
Mickey's current wife, Odessa, may not provide for Mickey's children from a previous marriage.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!