Estate_11th_Ch_1_MC_Solutions.pdf - ESTATE PLANNING 11TH ED...

This preview shows page 1 out of 1 page.

ESTATE PLANNING, 11TH ED. C HAPTER 1 E ND OF C HAPTER M ULTIPLE C HOICE S OLUTIONS 1. The correct answer is d. All of the items listed are included in the definition of estate planning. Estate planning is the process of accu- mulation, management, conservation, and transfer of wealth considering legal, tax, and personal objectives. 2. The correct answer is d. All of the people listed need a will, a plan for incapacity, and a plan for dependents and/or to care for animals. 3. The correct answer is b. A CPA is generally involved as a member of the estate planning team because the process requires the identifi- cation of assets, the calculation of the related adjusted basis, and other tax issues.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture