[RFC222] - Midterm Exam Guide - Ultimate 40 pages long Study Guide!

• School: Seneca College
• Department: Business Administration - Financial Planning
• Course: Business Administration - Financial Planning RFC222
• Professor: Jeff Mc Cartney

Document Summary

Most people live longer than previous generations. Simple estate plan: will, naming beneficiary for rrsp/rrif or several trusts. Negative effects of failure to plan: 1. Improper planning can negative feelings to heirs: 2. Leave children, grandchildren, pets in a state of i(cid:373)p(cid:396)ope(cid:396)/u(cid:374)desi(cid:396)ed gua(cid:396)dia(cid:374)ship if (cid:455)ou do(cid:374)"t ha(cid:448)e (cid:449)(cid:396)itte(cid:374) documents: 3. State where you live determines who gets your assets (cid:894)dete(cid:396)(cid:373)i(cid:374)ed u(cid:374)de(cid:396) state"s i(cid:374)he(cid:396)ita(cid:374)(cid:272)e la(cid:449)s(cid:895: 4. Cohabitate without being married or married more than once and/or have children: 5. Health(cid:272)a(cid:396)e, i(cid:374) (cid:272)ase (cid:455)ou (cid:272)a(cid:374)"t (cid:373)ake de(cid:272)isio(cid:374)s o(cid:374) (cid:455)ou(cid:396) o(cid:449)(cid:374: 6. Children from previous marriage, current spouse may not want to share your estates unless based on provisions in your will: 7. Unintentionally disinherit someone you loved, because you failed a plan of proper disposition in your estate. Involve: property (tangible and intangible, acquired or owned inside or outside a country), jointly owned property, life insurance, employee benefits.