Chapter17 - person b 5 advantages that come with using a trust are Trusts avoid probate Trusts can reduce Estate Taxes Trusts provide for

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Matt Serna Mr. McKenzie Personal Finance December 13, 2010 Chapter 17 1. Define Estate Planning, and list the 5 steps of Estate Planning. a. Step 1 – Determine the Value of Your Estate b. Step 2 – Choose Your Heirs and Decide What They Receive c. Step 3 – Determine the Cash Needs of the Estate d. Step 4 – Select Your Planning Techniques e. Step 5 – Implement Your Plan 2. List 3 characteristics of a valid will a. Beneficiaries b. Executor c. Guardian 3. What are the duties of an executor? a. Overseeing the distribution of the estate and managing assets at that time. 4. What is a trust? And what are the advantages that come with having a trust? a. A trust is a legal entity that hold and manages assets for another
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Unformatted text preview: person. b. 5 advantages that come with using a trust are, Trusts avoid probate, Trusts can reduce Estate Taxes, Trusts provide for confidentiality, Trusts allow for professional management. 5. What Generation Skipping Tax? And how can it be avoided? a. It is a tax on wealth and property transfers to a person two or more generations younger that the donor. It can be avoided by if you have the resources, you should make effective use of the $11,000 gift tax exclusion in addition to the education and medical expense gift tax exclusions provided in the law....
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This note was uploaded on 04/27/2011 for the course FIN 101 taught by Professor Daly during the Spring '11 term at Salt Lake Community College.

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Chapter17 - person b 5 advantages that come with using a trust are Trusts avoid probate Trusts can reduce Estate Taxes Trusts provide for

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