Estate planning is the process of accumulation, management, conservation, and transfer of wealth considering legal, tax, and personal objectives.

Creditor protection is one of the disadvantages of the probate process.

Jerry, age 72, is retired. Jerry’s primary investment objective is generating income. Based on the results of Jerry’s risk tolerance questionnaire, he is a conservative investor. Generally, which of the following asset allocation strategies is most appropriate for Jerry’s retirement investments?

Kerri just read that 40 years ago, milk was about $1.15 per gallon and today it is about $6 per gallon. She thought that seemed very high, especially if she can only earn 7% from her investments. She also thought that she would need about $3 million for retirement in today’s dollars. If inflation is the same in the future as it has been over the last 40 years for a gallon of milk, how much will Kerri need to have accumulated when she retires in 30 years?

The WLE and the RLE expectancy are not inversely related.

What is the geometric rate of return for a stock that has experienced the following prices? Year 1 = $25 Year 2 = $32 Year 3 = $35 Year 4 = $37

One of the challenges in retirement planning is that people are living longer and have been retiring early over the last 20 years with only a recent reversal in retirement age.

What is the total American Opportunity and Lifetime tax credit the Jones family can take, given the following information? Sally is a sophomore and incurs $5,000 in education expenses. Tommy is in grad school and incurs $5,000 in education expenses. Mom, who has a 4-year degree, goes back to school and incurs $4,000 in education expenses.

Mr. and Mrs. Meyer own 800 acres of farmland titled as “joint tenants with rights of survivorship, not as tenants in common.” Currently the land is appraised at $5,000 per acre. In addition, Mr. Meyer holds a $200,000 CD in his name only, and Mrs. Meyer holds a $200,000 CD in her name only. Mr. and Mrs. Meyer have no debts. Mrs. Meyer’s last will and testament provides that “all of my assets at my death shall be divided in three equal portions among my two children and my husband.”  Mrs. Meyer dies unexpectedly, leaving her husband and two children as her sole heirs. Which of the following statements is true?

A durable power of attorney for health care allows the agent to make health care decisions for the principal in the event that the principal is incapacitated and unable to make health care decisions for himself.