Athletes and entertainers often experience fluctuating income, may lack financial literacy, and face high tax liability, making estate planning particularly challenging.

A revocable living trust can be used to avoid probate, reduce tax liability, and provide for incapacity, making it a versatile estate planning tool.

Homeowners insurance is not typically a major concern for athletes and entertainers in estate planning, as they often rent or own multiple properties.

A prenuptial agreement can serve multiple purposes, including protecting individual assets, establishing spousal rights, and avoiding alimony payments.

Charitable giving, asset diversification, and income shifting are all strategies commonly used to reduce tax liability in estate planning for athletes and entertainers.

A power of attorney is primarily used to appoint an individual to manage the financial affairs of the individual in case of incapacity.

While living trusts, wills, and joint tenancy are common estate planning tools, limited liability companies (LLCs) are typically not used for estate planning purposes.

The primary purpose of a will is to distribute assets after the death of the individual.

While asset protection trusts, insurance policies, and diversification of investments are common strategies to protect assets, offshore accounts are generally not recommended due to legal and tax implications.

A charitable remainder trust provides income to the individual during their lifetime, reduces tax liability, and benefits a charitable organization after the individual's death.

All of the options are common estate planning considerations for athletes and entertainers with minor children.

The purpose of a generation-skipping transfer tax (GSTT) is to tax transfers of wealth to grandchildren or great-grandchildren.

All of the options are common estate planning strategies for athletes and entertainers to provide for their spouse.

The purpose of a Crummey power is to allow beneficiaries to withdraw a portion of the trust assets.

All of the options are common estate planning considerations for athletes and entertainers with a business.