Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Futures And Options Markets

Authors: John C. Hull

4th Edition

0130176028, 9780130176028

More Books

Students also viewed these Finance questions

Question

=+d. Is there another print vehicle you would suggest?

Answered: 1 week ago