Vocabulary self-evaluate

1. estate (n)  /ɪˈsteɪt/ a large area of land in the country which is owned by a family or an organization and is often used for growing crops or raising animals

2. estate planing (n) involves the will, trust, beneficiary designations, power of appointment, property ownership (joint tenancy with rights of survivor-ship, tenancy in common, tenancy by the entirety), gift, and power of attorney specifically the durable financial power of attorney and the durable medical power of attorney.

3. family Limited Partnerships also have some attraction as asset protection vehicles, primarily because the limited partnership interests may be subject to “charging order protection” in some states

4. buy-sell agreement- 7D situations as death, disability, departure, divorce, death lock,divesting, default.

5. "living trust" and "will"-the different point is the will is the thing that the government set up.