Based on your study of this lesson, please choose the best answer.
1. Careful estate planning could reduce taxes that the estate is liable for.
2. Once you develop an estate plan, you cannot make any changes and must follow this plan through.
3. Estate planning includes making a list of all the assets you own or have an interest in.
4. In calculating the tax liability of an asset, is subtracted from .
a) original cost b) fair market value
5. The simplest way to implement an estate plan is with a trust.
a) True b) False