Question
Kerri was recently diagnosed with an inoperable brain tumor. While the tumor has not caused any noticeable mental problems yet, Kerri's brain function is expected
Kerri was recently diagnosed with an inoperable brain tumor. While the tumor has not caused any noticeable mental problems yet, Kerri's brain function is expected to deteriorate substantially over the next three years, resulting in significant medical expenditures. Kerri's sister Ann was diagnosed with same illness 2 years ago. Keri's only other surviving relatives include three brothers, two nieces, and one nephew. Although Kerri's brother invited her to live with him, Kerri sold her home in Oklahoma las month and moved to an assisted living facility in South Texas that specializes in caring for patients with brain tumors. Kerri's gross estate is currently valued at $8,000,000, including $2,000,000 in personal property, $2,000,000 in retirement account, and $4,000,000 in a closely held family business. The only estate planning document Kerri currently has is a valid will that was executed a year ago. Kerri reviewed the will after here diagnosis and is confident taht all of her wishes have been property documented.
Which of the following statements is correct?
Select one:
a. Since Kerri has a valid will, there is no need for here financial planner to review or update her will.
b. If Kerri were to decide to make changes to her will utilizing a codicil, she would still have to be competent to execute such a document for it to be considered valid.
c. Kerri should begin a gifting program of $15,000 per year per person to her surviving relatives.
d. Kerri should execute a general power of attorney and a durable power of attorney for health care with Ann as her appointed agent.
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