Chapter 15 - Chapter 15 Review Questions True/False 1. 2....

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Chapter 15 Review Questions True/False 1. Custodial accounts are used to protect the property of minor children. 2. Your gross estate is composed only of nonprobate property. 3. A will is required by state law. 4. Only the wealthy need an attorney to prepare their wills. 5. A will may be invalid if the testator was under undue influence of another person. 6. A valid will cannot be contested. 7. Death will erase any debts existing at that time. 8. A trust is a means of transferring property. 9. The recipient of the gift will pay any gift tax that is due. 10. Gift giving can reduce estate tax liability. Multiple Choice 1. Estate planning is closely related to a. retirement and investment planning. b. tax and retirement planning. c. tax and investment planning. d. retirement and insurance planning. e. insurance and investment planning. 2. Life insurance could alleviate estate problems caused by a. inflation. d. lack of liquidity. b.
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Chapter 15 - Chapter 15 Review Questions True/False 1. 2....

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