1. Estate planning is becoming more important to many individuals. Identify several goals of estate planning. 2. Explain the concepts of the marital deduction and the portability of the unified credit...

1. Estate planning is becoming more important to many individuals. Identify several goals of estate planning.

2. Explain the concepts of the marital deduction and the portability of the unified credit as it relates to estate taxes applicable to a married couple.

3. Explain why it is important to separately account for the principal and income of an estate and what happens if such assets are not adequate to satisfy demonstrative or general legacies.