Learning outcomes in this chapter: Describe the role of estate planning in personal financial planning, and identify the seven steps involved in the process; recognize the importance of preparing a will and other documents to protect you and your estate; explain how trusts are used in estate planning;. | PFIN 4 Preserving Your Estate 15 Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. GITMAN/ JOEHNK/ BILLINGSLEY Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Describe the role of estate planning in personal financial planning, and identify the seven steps involved in the process Recognize the importance of preparing a will and other documents to protect you and your estate Explain how trusts are used in estate planning LEARNING OUTCOMES PFIN4 | CH15 Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Determine whether a gift will be taxable and use planned gifts to reduce estate taxes Calculate federal taxes due on an estate Use effective | PFIN 4 Preserving Your Estate 15 Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. GITMAN/ JOEHNK/ BILLINGSLEY Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Describe the role of estate planning in personal financial planning, and identify the seven steps involved in the process Recognize the importance of preparing a will and other documents to protect you and your estate Explain how trusts are used in estate planning LEARNING OUTCOMES PFIN4 | CH15 Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Determine whether a gift will be taxable and use planned gifts to reduce estate taxes Calculate federal taxes due on an estate Use effective estate planning techniques to minimize estate taxes LEARNING OUTCOMES (continued) PFIN4 | CH15 Estate Planning Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Developing a plan to administer and distribute assets after death according to: Deceased’s wishes Needs of survivors PFIN4 | CH15 Exhibit Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. PFIN4 | CH15 Potential Estate Planning Problems and Major Causes or Indicators Who Needs Estate Planning ? Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. People planning Anticipate psychological and financial needs of loved ones Provide adequate resources to maintain life of loved
