Pfin (book Only)
6th Edition
ISBN: 9781337117029
Author: Billingsley, Randy; Joehnk, Michael D.; Gitman, Lawrence J.
Publisher: Cengage Learning
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Chapter 15, Problem 1LO
Summary Introduction
To explain: The role of estate planning in
Expert Solution & Answer
Explanation of Solution
Estate planning involves planning for how an individual’s assets shall be preserved, managed and distributed after death. It also takes into
Seven steps involved in estate planning process are as follows:
- Assume your family situation and set estate planning goals.
- Gather comprehensive and accurate data.
- List all assets and determine the ownership and value of your estate.
- Designate beneficiaries of your estate’s assets.
- Estimate asset transfer cost.
- Formulate and implement your plan.
- Review the plan periodically and revise it as necessary.
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