Estate Planning Involves

question 26

Multiple Choice

Estate planning involves:

• A) considering how your wealth can be most effectively passed on to your heirs.
• B) determining the income you need to maintain.
• C) the dissolution of all privately held corporations.
• D) the valuation and auctioning of your valuables by hiring a professional tax planner.
• E) planning for retirement.

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Definitions:

Exculpatory Clause

A clause in a contract that releases a party from liability for his or her wrongful acts. These clauses are not favored by law.

Geographical Area

Refers to a specific physical region or location defined by natural or artificial borders.

Minor

A person under the legal age of adulthood, which varies by jurisdiction, typically below 18 years old.

Apprentice

A person who is learning a trade from a skilled employer, having agreed to work for a fixed period at low wages.