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Understand various types of trusts and their specific purposes, including incentive trusts.
Grasp the basis for challenging a will, including undue influence and lack of witness attestation.
Differentiate between wills, trusts, and advance directives, and their functions in estate planning.
Understand the basic principles of insurance, including the transfer of risk and the concept of insurable interest.

Definitions:

Off-Balance-Sheet Financing

Financing not recorded on the company's balance sheet that may involve leases or the creation of separate entities.

Substantial Down Payment

A large initial payment made when purchasing an item or property, reducing the amount of the loan or mortgage required.

Risk of Obsolescence

The risk that a product, service, or technology will become outdated or no longer useful, often due to advancements in technology.

Debt to Stockholders' Equity Ratio

A financial ratio that measures the proportion of a company's total debt to its shareholders' equity, indicating the financial leverage of the company.

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