Estate Planning Involves

question 70

Multiple Choice

Estate planning involves:

• A)considering how your wealth can be most effectively passed on to your heirs.
• B)payment of all back taxes to ensure minimum tax liability.
• C)the dissolution of all privately held corporations by filing bankruptcy under Chapter 13.
• D)the valuation and auctioning of your valuables by hiring a professional tax planner.
• E)planning for retirement and obtaining medical insurance.

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Definitions:

Data

Collected information or facts, typically numerical, that are used as a basis for reasoning, discussion, or calculation.

Categorical Variable

A type of variable that can take on one of a limited, and usually fixed, number of possible values, assigning each individual or other unit of observation to a particular group or nominal category.

Social Security Number

A unique nine-digit number assigned to U.S. citizens, permanent residents, and temporary working residents that is used for tracking individuals for social security and taxation purposes.

Age

The length of time that a person or entity has been alive or existed.