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05 - Lecture 5 ESTATE PLANNING BM Ch 15 TJHM Ch 17 CCH Ch...

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1 1 ESTATE PLANNING BM Ch 15; TJHM Ch 17; CCH Ch 18; Day et al Ch 13 Lecture 5 2 Learning Objectives After studying this topic, you should be able to: explain the need for having a valid will explain the mechanism for making a valid will identify areas of potential challenges to a will discuss the consequences of dying without a will understand the role of trusts in protecting estate assets and discuss the circumstances where the use of a trust would be beneficial 3 Analyze the impact of taxation on distributions from deceased estates and develop strategies to minimize taxation Discuss the purpose of a power of attorney Differentiate between the different types of powers of attorney and discuss when each should be used Demonstrate an understanding of how a power of attorney is executed Learning Objectives
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