...categorized as Sponsored Programs, with the potential for additional growth into the future. With growth comes the need for clarity in policies and procedures to be followed in the administration of these activities in order to meet University and sponsor requirements, and to provide the best possible support and service to all parties involved. It is important Sponsored Programs are identified as such and that each award is routed through the appropriate offices to assure that the acceptance and administration of these activities meet both University and sponsor requirements and that various technical, legal, and financial issues be properly addressed. I. ELEMENTS OF A SPONSORED PROGRAM Whether an external funding falls within the definition of a Sponsored Program is determined by the presence of most of the following elements: Commitment from an External Sponsor: A written commitment from the sponsor, which follows receipt and acceptance of a proposal, may take various forms such as a grant agreement, contract, purchase order, or a letter of award, depending on the type of Sponsored Program and sponsor policy. Restricted Activities and Use of Funds: The use of external funds is restricted to the activities which are agreed upon the external sponsor and the University. The activities are described in a proposal submitted by the University to the sponsor. Faculty or Staff Leadership: The program involves a faculty or staff...
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...1. What are the procedures related to the securitization of receivables using SPEs? Describe all parties involved in this process. In general, the securization of receivables involves the following procedure: ● A special purpose entity (SPE) is created by a third party which is independent of the company (referred to as the transferor) with receivables. ● The transferor will first transfer its receivables to the SPE. ● The SPE issues securities (i.e. commercial papers) using these receivables as collaterals. ● The cash received by the SPE from issuing securities will go back to the transferor to pay off the receivables transferred. ● The SPE is served as a “pass through”. ● The transferor can continue to service the loan for a fee. The procedure can be illustrated by a specific example of commercial bank: ● Usually a commercial bank establishes an asset-backed commercial paper (ABCP) conduit. The bank is referred to as the sponsor. ● The originating company sells receivables to the conduit. ● The conduit funds the purchases of the receivables with ABCP issued to institutional investors, usually money market funds. Investors contribute cash to the conduit and receive ABCP in return for investment. ● The originating company receives cash from the conduit. ● The sponsor organizes transaction and provides liquidity and credit enhancement, and in return receives a fee for its services. 2. When an investment bank is used as the sponsor of a SPE for securitization ...
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...Estate beneficiaries are simply not allowed to cash or deposit checks made out to the deceased or their estate. As a beneficiary, you receive any assets to which you are entitled during or after probate. During the probate process, the decedent's assets are gathered, their final expenses paid and the requests made in their will are carried out. It is the estate executor who has the legal authority to manage the estate's assets and affairs, not the beneficiary. It is possible, however, for a single individual to be both an executor and a beneficiary. Choosing an Executor Bills and income don't stop coming when a person dies. It takes time for the news of their passing to spread and for the survivors to close bank accounts, transfer or sell assets and take care of the person's final expenses. Usually, one person is chosen for this task and given the power to handle the decedent's affairs. This person becomes the executor of the estate. In some cases, the decedent specifies in their will who they want to do this job. If not, you can go the probate court and request that they make you the executor....
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...possible so it can adapt to changes. To a great degree, estate planning is the art of dealing with uncertainty. When will someone die? What will his or her estate be worth at that time? What will happen in the meantime? How will beneficiaries turn out? Furthermore, the current state of transfer tax legislation adds one more aspect of uncertainty: What will the tax laws be in the future? For most clients, what happens to our transfer tax rules this year or next year is not particularly relevant. Most clients considering their estate plan now are going to live for decades into the future. The transfer tax rules are likely to change multiple times before their estate plan (at least the “at death” portion) is implemented. One response in the face of so much uncertainty is to do nothing – freeze up. Another, better response is to plan, but with as much flexibility as possible in order for an estate plan to adapt to changes in the future. But with planning that is irrevocable – irrevocable life insurance trusts (ILITs) in particular – flexibility seems impossible. Yet this is not so. With a little creativity, much flexibility can be incorporated into even an ILIT. The discussion that follows explores ten ways to do this. 1. Include “more” withdrawal beneficiaries. A typical ILIT gives a group of people the...
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...savings, or a business, and people or others you would like to look after, you must consider making a will no matter your age. Thinking, talking & planning for death may feel uncomfortable. However, if you died or became incapacitated, through illness, accident, old age or emergency without sorting your affairs, this could wreak havoc on those you’ve left behind. Like Wills, another widely misunderstood concept is that of trusts. Trusts are often seen as something only the rich need to be concerned with. A trust is created when assets (which can include property, cash, shares etc) are transferred by a person (the settlor) to one or more persons (the trustees) with instructions that they are held for the benefit of others (the beneficiaries). A trust may be set up during a person’s lifetime and have immediate effect, in which case it is usually evidenced by a formal trust deed and commonly referred to as a settlement. Trusts play a key role in everyday life and can provide to be extremely useful depending on the intentions of the Settlor. A trust can offer a means of holding and managing money or property for other people who may not be ready or able to manage it for themselves. Some common situations where trusts are used (some often in conjunction with a will) are: * Succession planning * Protection of trust assets from divorce, litigation, creditors, forced heirship * Passing on assets now for future generations...
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...future circumstances. Ascertain adequacy of short- and long-term funding. Assess and identify problems. Formulate the strategy. Implement the plan. Ongoing review. Question 2 Individuals control their wealth either directly through their direct, personal ownership or through intermediate structures or arrangements such as companies, trusts, partnerships, joint ventures or other comparable enterprises. Estate Asset Testamentary Asset, eg solely owned asset Non Testamentary Asset Jointly owned asset Life, ‘TPD’, Trauma or other Insurance Likely Decision-maker Willmaker Likely Governing Document Will Legal owner of property, eg Governing document of company or trustee estate structure Surviving joint owner Policy owner or nominated beneficiary Surviving joint owner’s Will Insurance Policy Nomination Superannuation/Allocated Pension/ Fund member Self-managed Superannuation Fund (binding nomination) Superannuation/Allocated Pension (no binding nomination) Self-managed Superannuation Fund (no binding nomination) Family Trust Fund trustee Surviving member(s), in conjunction with Executor Trustee or Directors Trust Deed or Terms of Annuity Trust Deed of Trust Deed...
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...Telephone No.: Cell Phone No.: Weight Residence: Address Business/Office: Fax No.: E-mail Address: Occupation / Position: (Please give details) Name of Company: Nature of Loan: Amount of Loan: Term of Loan: Beneficiary/ies: The amount of insurance in force at the time of death and not exceeding the maximum amount specified therein shall be made payable to my Creditor (the Primary Beneficiary) __________________________________________ and applied accordingly to reduce or extinguish my obligation. Any excess amount of insurance shall be granted to my secondary beneficiary/ies, which will share equally and are revocable unless indicated otherwise in the “REMARKS” column. Relationship Remarks Name of Secondary Beneficiary/ies Date of Birth (First) M.I. (Last) MM DD YY Designation of Trustee (We suggest that you designate a trustee for minor beneficiaries to facilitate claim settlement). I hereby designate: Name of Trustee Relationship to Applicant as a trustee of the minor beneficiary/ies named above. He is authorized to receive for and behalf of said beneficiary / ies any insurance proceeds due during the minority of the said beneficiary/ies. The receipt of said trustee of the insurance proceeds due to the minor beneficiary/ies shall discharge the liability of the Company with respect to the amount so paid. Additional Information: 1. Have you ever had or been treated to any of the following: Heart attack, angina pectoris or arteriosclerosis? Cancer,...
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...The Descendants Movie Review For this assignment I chose to review Alexander Payne’s film The Descendants. George Clooney stars as Matthew King who on paper has the perfect life. He lives on the beautiful island of Honolulu, Hawaii, has a beautiful family, and is a well-known lawyer on the island. You soon find out that Matthew King is the sole trustee of 25,000 acres of prime land on Kauai which is more of a burden than a benefit to him because his six cousins, who are beneficiaries, have been expressing their opinions to him. He has the choice of selling the land to a developer and making a resort, a golf course, etc. or keeping it. While he is figuring that out, his wife Elizabeth is in a permanent coma because of a boating accident, and her "living will" orders that she be allowed to die with dignity. Too add to the mess, Matthew finds out that his wife was having an affair and planned to divorce him. The movie shows Matthew dealing with a big decision, a tragedy, and infidelity. The first legal concept that was featured in this movie was that of a “sole trustee”. According to our textbook, a trustee is a party who has legal title to estate and manages it and their duty is to administer the trust (Twomey&Jennings,1124). Duties of a trustee listed in our textbook are performance, due care, possession and preservation of trust property, product of income, and accounting information. In The Descendants...
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...Duties of the trustees 1.The trustee must act with care, diligence and skill that can reasonably be expected of a person who manages the affairs of another. Section 9(2) of the trust property act makes mention that a trustee cannot be exempt or indemnified if they do not act with care, diligence and skill. 2.A separate bank account must be opened for each trust and this must be done by the trustees. No other trust transactions may occur into an account which is not in the trust’s name, nor can two trusts use the same bank account. 3.Records must be kept for all property that is held by the trustee in the trust. This would include the title deed etc. 4.Any account or investment must be identifiable as the trusts’. This means the trustee cannot invest the trust’s assets under any other identifiable name other than the trusts.’ 5.when a trust is terminated, the trustee may not, for a period of 5 years destroy any evidence that serves as proof of investment, safe custody, administration , alienation or distribution of trust property unless there is written proof by the Master. 6.The trustee has a duty to give effect to the terms of the trust deed or trust instrument, meaning all the terms in the trust, the trustee needs to ensure that those terms are complied with. 7.The trustee must act with the utmost good faith, meaning that all decisions and actions must be done to comply to the best of their ability to the terms and benefit of the trust. 8.The trust must act independently...
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...exporter ordering the importer to pay a specific amount of money upon presentation to drawee to whom it is addressed is known as a A, B/L (False: This is a transport document) B, Sight draft (True: This is the type of B/E that requires payment upon presentation) C, Time draft (False: This is the type of B/E that requires payment at a future date after presentation) D, L/C (False: this is a method of payment) 3, L/C may be payable at all but one of the following locations: A, Confirming Bank’s counters (False: Confirming Bank has irrevocable undertaking to Beneficiary) B, Nominated Bank’s counters, or at the counters of any bank if L/C is freely negotiable (False: Nominated Bank pays Beneficiary on behalf of Issuing Bank (Confirming Bank)) C, Issuing Bank’s counters (False: Confirming Bank has irrevocable undertaking to Beneficiary) D, Reimbursing Bank’s counters (True: Reimbursing Bank has no undertaking towards Beneficiary. It only functions to reimburse other banks with authorization of Issuing Bank) 4, Which of the following can be combined under a credit available with the Issuing Bank and require a draft drawn on the Issuing Bank I. Payment II. Deferred Payment III. Acceptance IV. Negotiation A, 1 and 2 only (False: Payment and Deferred Payment cannot be combined; both don’t require drafts drawn on Issuing Bank) B, 2 and 3 only (False: Deferred Payment and Acceptance cannot be combined; Deferred Payment doesn’t require drafts drawn on Issuing Bank)...
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...TRUST DEED This Deed of Public Charitable Trust executed on this ____ day of ___________ by Mr. XXXXXXXXXXXXXXXXXXXXXXXXXXXX, S/o. Sri. Venkateswarlu, aged 63 years, Occupation : Business, resident of Inlukudurupet, Machilipatnam, Kirshna District, Andhra Pradesh, hear in after called “Author of the Trust”, (which expression shall, unless excluded by repugnant to the context, be deemed to include his executors, administrators and representatives) of one part and 1. Mr. XXXXXXXXXXXXXXXXXXXXXXXXXXXX, S/o. Sri. XXXXXXXXX, aged 63 years, Occupation : Business, resident of Door No: XXXXXXXXXXXXXXXX District, Andhra Pradesh Hereafter referred to as “Trustee” ( which expression shall, unless excluded by or repugnant to the context, be deemed to include the trustee or trustees duly appointed for the time being of these presents and their successors in office ) of the other part. Whereas the Author of the Trust is desirous of establishing a trust for public charitable objects. And whereas the trustee has, at the request of the Author of the Trust, agreed to act as the first trustee of these presents as testified by his being parties to and executing these presents. And whereas it is necessary to declare the object and terms of the public charitable trust being constituted under these presents. NOW THIS INDENTURE WITNESSETH AS FOLLOWS: 1. That, in order to effectuate his aforesaid desire, the Author of the Trust has set apart and handed over to the...
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...As a parent with a child diagnosed with disability, you become faced with uncertainties, obstacles and opportunities that you never thought you’d have to encounter. Many parents focus on their disabled child’s here and now, without giving much thought to the future. If the disability limits progression of skills that allow for gainful employment and the ability to take care of oneself as an adult, it’s important that the parents and/or caregivers plan for the future. Most children with a disability in fact, become adults with a disability. A Special Needs trust is a way for parents or caregivers to set aside money for the future care of their loved one living with a disability while protecting government benefits (Supplemental Security Income and Medicaid) that are crucial in providing the medical and income necessary to supporting the individual. These trusts are supposed to supplement the benefits a disabled person receives from the government — paying for additional services or equipment not otherwise covered — but not to supplant them (Sullivan, 2010). The government does offer medical and financial assistance to adults with special needs through programs such as Medicaid and Supplemental Security Income to offset the high costs of care. However these programs provide the bear minimum. Medicare is a health insurance program for U.S. citizens at least 65 years old, or those aged younger than 65 years who suffer from certain disabilities. This program was...
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...This is a quick email to review some of the important concerns we addressed during our phone conversation. Certainly, I will have more to say in future emails. We concluded that you will not make any changes to the beneficiary designations to your TSP, pension, TIAA and IRA until we have finished your trust and it is signed. Once that stage has been completed, you will either make the trust the beneficiary of your accounts or the owner and beneficiary of your accounts. It will be important to review each account, how it is owned, what death benefit provisions it has and who is the current beneficiary. As for your financial savings plans that provided for a payout over time, we should review what happens under the account contract, if you die while funds remain in the account....
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...Insurance VGLI Beneficiary Designation/Change 1 VETERAN INFORMATION (please print clearly using capital letters) All the information in this section is required. First Name: Last Name: Control #: Address: (See Billing Statement) Social Security #: MI: City: State: Email: Daytime Phone: Evening Phone: ZIP Code: Check here if your address has changed By Law – If you do not name a specific beneficiary, your insurance will be paid to your survivors as follows: 1. Widow or widower; if none to 2. Child(ren) in equal shares, with the share of any deceased child distributed among the descendants of that child; if none to 3. Parent(s) in equal shares; if none to 4. A duly appointed executor or administrator of the insured’s estate, and if none, to 5. Other next of kin Check here if you want by law designations, and complete and return only sections 1 and 4. INSTRUCTIONS FOR COMPLETING THIS FORM Use this form to designate or make changes to the beneficiary(ies) of your VGLI death proceeds. The information on this form will replace any prior beneficiary designation. You may name anyone or any entity as your beneficiary without anyone knowing or consenting to it. You may change your beneficiary at any time by completing a new VGLI Beneficiary Designation/Change form. This form cannot be used to reinstate your coverage if your insurance is not in force due to failure to pay timely premiums. INSTRUCTIONS FOR DESIGNATING A PRIMARY OR SECONDARY BENEFICIARY (SECTION 2) • You...
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...ACCOUNTING 640 SPRING 2012 CLASS PAPER ETHICS TOPIC: The Virginia General Assembly is considering legislation to allow individuals to create asset protection trusts. The legislation involves an irrevocable trust to protect the settlor’s assets from the settlor’s creditors. The concept of this trust is called asset protection trusts. The settlor (creator of the trust) would create an irrevocable trust whereby the settlor would b e a beneficiary of the trust (trust assets benefit them still). By doing so the settlor would put their assets outside of the reach of their creditors. If the settlor is sued the creditors will not be able to reach the assets placed in the irrevocable trust. A few states have already passed similar legislation, such as Alaska and Delaware. PURPOSE: The purpose of the Class Paper is to enable the student to analyze state statutes and resolve the ethical issues of whether the state should allow individuals to create vehicles (irrevocable trusts) to place their assets outside the reach of their creditors. DIRECTIONS: 1. Go to the Virginia General Assembly Website and find the legislation described above. (5 points) 2. Analyze the legislation under consideration and provide a statutory anaylsis of the legislation. Discuss how an individual would be able to do this? What does the statute allow the individual to do? What creditors does the statute effect? What creditors are excluded? (40 Point) 3. Analyze whether the legislation is moral...
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