To minimize taxes and maximize wealth transfer.

To ensure that assets are distributed according to the individual's wishes.

To provide for the care of dependents after the individual's death.

All of the above.

Will

Trust

Power of attorney

Prenuptial agreement

A will takes effect after death, while a trust can be established during the individual's lifetime.

A will distributes assets to beneficiaries directly, while a trust holds and manages assets for the benefit of beneficiaries.

A will is revocable, while a trust is irrevocable.

Both A and B.

To authorize someone to make financial decisions on behalf of the individual.

To authorize someone to make medical decisions on behalf of the individual.

To authorize someone to handle legal matters on behalf of the individual.

All of the above.

An estate tax is imposed on the value of the estate before it is distributed to beneficiaries, while an inheritance tax is imposed on the value of the assets received by each beneficiary.

An estate tax is imposed on the value of the estate at the time of death, while an inheritance tax is imposed on the value of the assets received by each beneficiary at the time of distribution.

An estate tax is imposed on the value of the estate above a certain threshold, while an inheritance tax is imposed on the value of the assets received by each beneficiary above a certain threshold.

All of the above.

A trust that provides income to the individual during their lifetime and then distributes the remaining assets to a charity upon their death.

A trust that provides income to a charity during the individual's lifetime and then distributes the remaining assets to the individual's beneficiaries upon their death.

A trust that provides income to the individual's beneficiaries during their lifetime and then distributes the remaining assets to a charity upon their death.

A trust that provides income to the individual's beneficiaries during their lifetime and then distributes the remaining assets to the individual upon their death.

A tax imposed on transfers of property from one generation to another.

A tax imposed on transfers of property from one generation to two or more generations.

A tax imposed on transfers of property from one generation to three or more generations.

A tax imposed on transfers of property from one generation to four or more generations.

To provide instructions for medical treatment in the event the individual becomes incapacitated.

To provide instructions for the distribution of assets after the individual's death.

To provide instructions for the care of dependents after the individual's death.

None of the above.

A revocable living trust can be changed or updated at any time, while an irrevocable living trust cannot.

A revocable living trust takes effect after the individual's death, while an irrevocable living trust takes effect immediately.

A revocable living trust is typically used for estate planning purposes, while an irrevocable living trust is typically used for asset protection purposes.

Both A and C.

To authorize someone to make financial decisions on behalf of the individual even if the individual becomes incapacitated.

To authorize someone to make medical decisions on behalf of the individual even if the individual becomes incapacitated.

To authorize someone to handle legal matters on behalf of the individual even if the individual becomes incapacitated.

All of the above.

A type of ownership in which two or more people hold title to property jointly.

A type of ownership in which one person holds title to property and another person has a right to use the property.

A type of ownership in which two or more people hold title to property separately.

None of the above.

A probate estate is subject to the probate process, while a non-probate estate is not.

A probate estate is distributed according to the individual's will, while a non-probate estate is distributed according to state law.

A probate estate is typically larger than a non-probate estate.

Both A and B.

To provide a death benefit to the individual's beneficiaries.

To provide a source of income for the individual's dependents.

To pay for the individual's funeral expenses.

All of the above.

A gift tax is imposed on transfers of property during the individual's lifetime, while an estate tax is imposed on transfers of property at the individual's death.

A gift tax is imposed on the value of the property transferred, while an estate tax is imposed on the value of the estate.

A gift tax has a higher tax rate than an estate tax.

Both A and B.

To ensure that the individual's assets are distributed according to their wishes.

To minimize taxes and maximize wealth transfer.

To provide for the care of dependents after the individual's death.

All of the above.