Jimmy would like to meet with you regarding his estate plan. Jimmy is 55 years old, and currently has an estate that would be subject to estate tax. His wife died of lung cancer last year. Jimmy has three children, ages 23, 26, and 32, and one grandchild, age 4. He does not have any dependents. Which of the following options would be the least likely reason for Jimmy to have an estate plan?
a. Minimize estate and transfer taxes
b. Minimize costs
c. Plan for his children
d. Plan for his incapacity
Plan for his children
EXPLANATION:
Planning for his children generally refers to planning for minor or dependent children. Because all of Jimmy's children are of the age of maturity, Jimmy may not need to plan for his children. All of the other options are reasons Jimmy should have an estate plan.