EBK PFIN
6th Edition
ISBN: 8220103648844
Author: Billingsley
Publisher: CENGAGE L
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Concept explainers
Question
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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- EXPLAIN the importance and process of personal financial planning.arrow_forwardWhat are the requirements for Personal Financial Planning Engagements?arrow_forwardReview the material in Chapter 1 on Personal Financial Planning. Define the financial planning process List the elements of a good financial plan. Identify and discuss the three most important personal factors and the three most important economic factors that affect your financial planning decisions.arrow_forward
- How to compute gross estatearrow_forwardExamine the economic environments influence on personal financial planning.arrow_forwardWhich of the following correctly describe a role played by a member of the estate planning team? Accountant: preparation of financial and cash flow statements Attorney: preparation of legal documents Trust officer: original writing of basic trust instruments to be customized for the client Financial planner: coordination of the elements of the plan A)I, II, and III B)II and III C)I, II, and IV D)I and IVarrow_forward
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