...this website for any other purpose requires written permission from the Publisher. © 2009 Reed International Books Australia Pty Limited trading as LexisNexis: Ancillary for Financial Planning in Australia, 3rd ed., by Taylor, Juchau, Houterman Financial Planning in Australia CHAPTER 18 — ESTATE PLANNING — CORE PRINCIPLES AND PRACTICE Solutions to Questions Question 1 The seven steps in the estate planning process are: 1 2 3 4 5 6 7 Identify and prioritise the client’s objectives. Assess the current and likely 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...
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...Far & Away by Ron Howard, 1992 Summary: The film takes place in Ireland in the 1890’s. The main character is a young farmer named Joseph Donnelly. Joseph is angry with his landlord Daniel Christie who had the Donnellys’ farm burned down due to the lack of rental. He goes to the Christie family’s estate with the intention of killing his landlord. Here he meets the beautiful daughter Shannon Christie. She is dissatisfied with the “old way of living” she is with her parents and longs after a modern lifestyle. With Joseph facing eviction and Shannon longing for a modern world, they run away towards America together. They start in Boston where they struggle and work hard to live and save money. Joseph works as a barehanded boxer, which brings him lots of positive attention, but when he is beaten their money is taken away and they are left homeless on the streets, while they are dreaming of owning their own land. When Shannon later gets reunited with her family they go separate ways. At last they meet again at the Oklahoma race in 1893 and conquer their own land together. Review: Far & Away is both historical and humorous and contains a lot of American values. We are given a clear picture of how “The new world” was appealing to European citizens and how the shaping of America took place. When Joseph and Shannon first arrive at Boston, they have nothing and they have no other solution than to start working their way up. This is a good example on the strong American belief...
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...exempt. As far as his other assets his wife can apply for spousal refusal five years prior and can then transfer assets over to the son. ii. Describe an appropriate Medicaid plan under the POST-DRA 2005 rules. The Post- DRA 2005 rules indicate a look back of about 60-month look back date. In Marty’s case of being married he can still transfer assets over to his wife or son prior to the 60 months required to look back. (b) If Marty were UN-MARRIED at the time of application for Medicaid benefits: i. Describe an appropriate Medicaid plan under the PRE-DRA 2005 rules. In Marty’s case he could put his home in a life estate transferring over to his son fiveyears priors as well as all other assets to avoid penalties. ii. Describe an appropriate Medicaid plan under the POST-DRA 2005 IN Marty’s case he could still put his home in a life estate transferring over to his son, but due to the short window he may have to use the rule of halve and transfer half of his...
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...is in rem .Hence, the court is also called a probate court. But a probate court also includes a court that presides over probate proceedings which can generally refer to the settlement of the estate of a deceased person with or without a will .3. Reprobate: Reprobate is a special proceeding to establish the validity of a will proved in a foreign country .4. Legacy: A legacy is a bequest of personal property in a will to a person called the legatee .5. Devise: A devise is a bequest of real property in a will to a person called the devisee. 6. Testate Estate Testate estate refers to an estate of a deceased person which is settled or to be settled with the last will and testament of that deceased person called the testator. 7. Intestate Estate: Intestate estate refers to the estate of a deceased person without a will. The estate is settled by the laws of intestacy provided in the Civil Code .8. Executor: An executor is the person named in the will who is entrusted to implement its provisions. But the executor needs to be issued letters testamentary after the court determines his or her qualifications. A female executor is calledexecutrix.9. Administrator: An administrator is the person entrusted with the care, custody and management of the estate of a deceased person until the estate is partitioned and distributed to the heirs, legatees and devisees, if any. A female administrator I s called administratrix .9.1 The court issues letters of administration to a person after...
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...LAWS OF KENYA The Law Of Succession Act CHAPTER 160 Revised edition 2008 (1984) Published by the National Council for Law Reporting Nairobi 2008] Law of Succession CAP 160 CHAPTER 160 THE LAW OF SUCCESSION ACT ARRANGEMENT OF SECTIONS Part I- Preliminary Section 1-Short title and commencement. 2-Application of Act. 3-Interpretation. 4-Law applicable to succession. Part II- Wills Capacity 5-Persons capable of making wills and freedom of testation. 6-Appointment by will of executor. 7-Wills caused by fraud, coercion, importunity or mistake. Formalities 8-Form of wills. 9-Oral wills. 10-Proof of oral wills. 11-Written wills. 12-Incorporation of papers by reference. 13-Effect of gift to attesting witness. 14-Witness not disqualified by being executor. 15-Existing wills. 16-Formal validity of other wills. Revocation, Alteration and Revival 17-Will may be revoked or altered. 18-Revocation of will. 19-Revocation of will by testator’s marriage. 20-Effect of obliteration, interlineation or alteration in will. 21-Revival of will. Construction 22-Construction of wills. 2008] Law of Succession Section CAP 160 Failure of Dispositions 23-Failure of testamentary dispositions. 24-Election. Election Perpetuities, Remoteness and Accumulations 25-(Repealed by 6 of 1984.) Part III- Provision For Dependants 26-Provision for dependants not adequately provided for by will or on intestacy...
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...I give and bequeath $100,000 to the American Red Cross. I give, devise and bequeath all of the rest, residue and remainder of my estate to my grandson, Dave. Walt signed the will at Len’s office, and at Walt’s request, Len and Walt’s son, Ben, signed as witnesses in the presence of Walt and each other after Walt acknowledged that the document was his will. In 2000, Walt duly executed a new will which expressly revoked any and all wills previously made by him. In 2001, Walt decided that he did not like the terms of the 2000 will and physically destroyed it by his own hand. Walt died last year, survived by Amy, Ben, Cal, and Dave. Dave is Walt’s only grandson and is the son of Walt’s deceased son, Ed. The 1995 will has been admitted to probate over the objections of Cal that the 1995 will had not been properly executed and that, in any event, it had been revoked. Walt’s residence has been valued at $300,000, and his 100 shares of C Corp. have been valued at $200,000. After payment of all debts, expenses and taxes, the net estate, including the residence and the C Corp. shares, is $600,000. (1) (a) (b) Was the 1995 will properly executed? Assuming the 1995 will was properly executed, was it properly admitted to probate? (2) Assuming the 1995 will was properly admitted to probate, what part, if any, of the net estate should be distributed to: (a) Amy? (b) Ben? (c) Cal? (d) The American Red...
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...relevant persons or officials involved Not applicable 1.5 Details o institution f Not applicable PART II: I NDIGENOUS AND TRADITIONAL 74 KNOWLEDGE AND PRACTICES 1.6 Name of person and/or institution conducting the research Lim Jee Yuan, Consumers’ Association of Penang 1.7 Details of research person/institution (a) (b) (c) (d) Address: 228 Macalister Road, 10400 Penang, Malaysia Telephone:++ (60) (4) 229 35 11 Fax: ++ (60) (4) 229 8 I06 E-Mail: elawmalaysia@igc.apc.org 2. THE PROBLEM OR SITUATION BEING ADDRESSED BY THE PRACTICEDNNOVATIVE EXPERIENCE The traditional Malay house, which is an autonomous housing process using self-help and mutual-help approaches, can throw some light on the development of a modern autonomous housing model which is based on the needs and aspirations of its users, rather than being imposed by others on the users. The...
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...Denise Weinman The arts of the Renaissance era were highly inspired from the new way people were thinking of themselves, their surroundings and their religion.“Renaissance,” defined as “rebirth,” represented European culture from about fourteen hundred to the mid sixteenth century. It is largely credited to the literature and philosophy of Ancient Greece and Rome that inspired new interest in art and sculpture with respect to the individual and with the natural world. Art took a complete shift away from religion as individuals were inspired to understand what it really meant and looked like to be human. Seventeenth century Baroque artwork came about largely from the effort of the papacy to evoke intense emotion in magnifying and glorifying the Catholic religion. It is because of the majority patronage of arts by the papal courts that most works once again began to focus around religion in all of its grandeur. The early nineteenth century became known as the romantic era, a time of heightened political influence and industrialization. The Romantics were a group of writers, artists, composers, and thinkers, that challenged these influences to say that the human feels, as in emotion, before thinking, that the heart was just as important as the head and emphasized the emotion in individuals by focusing on the beauty of nature, the power of love, the world of dreams, the exotic, the mysterious and the strange. With the focus on natural goodness and empathy for the oppressed, it...
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...the stages of the language ‘s development into Old,Middle and Early Modern English? What distinguishes these different forms of the language from each other? ANSWER: Historians of English divided the stages of the language ‘s development into Old,Middle and Early Mordern English for some reasons.First,it was based on the Foundation of the UK.Old English was established when the invading Germanic tribles move down from Scandinavia and spread over Center Europe.1066 was the year ended the old English and started the Middle English.William the Conqueror invaded and conquered England.At that time,there was a kind of linguistic language between English and French.The Early Modern English started in the sudden and distint change in pronunciation(The Great Vowel Shift) and the Renaissance of Classical learning. Second,the development of the language connected closely with the English literature.The history of Old English was oral tradition literature.the famous poem was the song of Beowulf.The middle English associated with the printing house of William Caxton,beginning of the long process of standardization of spelling.The Early Modern English with Shakespeare ,a genius of the English language. We can distinguish these different forms of the language from each other by some factors such as spelling,pronunciation,grammar and vocabulary. Question 2:How did Old English differ from Modern English? Can you explain this with reference to both grammar and vocabulary...
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...Qihui Zheng 01/28/2011 EH205 Essay 2 When and why did London grow so much faster than other early modern capitals? By examine the key differences among Paris, Madrid, and London, I argue that from1650 to1750, the reason why London boosted in terms of demographic expansion and market integrations is that -- instead of creating market disorder by demanding cheap supply of goods from other places, emphasizing social privileges and over consumptions, London attracted spontaneous business exchange in market among different groups of people. In section I, by doing a brief literature review on E. A. Wrigley, D. R. Ringrose and other important authors, we may have a basic understanding of the demand and supply market mechanism and its relationship with population, internal market and functions of capitals. In section II, we will analyze how the functions of capital, such as exercising political power to satisfy a particular interest, can affect the demand and supply of market and demographic composition. In section III, we study further how the functions of capital such as price determination can change the economic development of the capital itself and its surrounding industrial and agricultural areas. At the end, we should see that London did a better job integrating the urban-rural market during 1650-1750. Literature Review From 1650 to 1750, London grew much faster than other continental capital cities. There is little debate on the time as shown in table 1 and 2 below...
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...THE ART OF PERFORMANCE A CRITICAL ANTHOLOGY edited by GREGORY BATTCOCK AND ROBERT NICKAS /ubu editions 2010 The Art of Performance A Critical Anthology 1984 Edited By: Gregory Battcock and Robert Nickas /ubueditions ubu.com/ubu This UbuWeb Edition edited by Lucia della Paolera 2010 2 The original edition was published by E.P. DUTTON, INC. NEW YORK For G. B. Copyright @ 1984 by the Estate of Gregory Battcock and Robert Nickas All rights reserved. Printed in the U.S.A. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system now known or to be invented, without permission in writing from the publisher, except by a reviewer who wishes to quote brief passages in connection with a review written for inclusion in a magazine, newspaper or broadcast. Published in the United States by E. P. Dutton, Inc., 2 Park Avenue, New York, N.Y. 10016 Library of Congress Catalog Card Number: 79-53323 ISBN: 0-525-48039-0 Published simultaneously in Canada by Fitzhenry & Whiteside Limited, Toronto 10 9 8 7 6 5 4 3 2 1 First Edition Vito Acconci: "Notebook: On Activity and Performance." Reprinted from Art and Artists 6, no. 2 (May l97l), pp. 68-69, by permission of Art and Artists and the author. Russell Baker: "Observer: Seated One Day At the Cello." Reprinted from The New York Times, May 14, 1967, p. lOE, by permission of The New York Times...
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...music, theatre, and visual art or media arts. This school will provide students and parents with expanded choices in the types of educational opportunities that are available within the public school system to maximize each student’s special talents. Our graduates will increase the quality of their life, the lives of people who surround them, and the respective communities of the Valley. There are many people interested in helping to start our charter school waiting for recruitment. These founders will include parents, teachers, school principals, lawyers, business entrepreneurs and accountants. Our founding group needs to have expertise in a variety of areas, including: • Curriculum & instruction • Public school financing • Real estate • Human resources • Public relations • Management • Governance • Education law • Drafting charter school applications • Fund raising • Assessment of student achievement Our plan is to set...
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...1789, was caused by a series of events and matters throughout the 1700s. The third estate was extremely unhappy with the way they were being treated; many were left with little food and a low income yet had to pay extremely high taxes. The second and third estates had special privileges like not having to pay taxes and getting rewarded with a share of the peasant’s harvest. In addition, the Nobles lived in the Palace of Versailles with the king and got payed. Whilst the second and first estates were being rewarded for the little actions they had done, the third estate was being punished for working very hard and trying to provide for themselves. Since the third estate was 98 percent...
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...Revolutionaries are people who engage in political revolutions. The French third estate would be greatly satisfied with modern day France because France modern day is now a Republic for about 66 million citizens and a republic system offers the citizen the basic rights that the Third estate always wanted. Most of the original revolutionaries goals have been achieved by France now. In the 18th and 19th centuries, France was under three Estates; First, Second and Third. The Third Estate despised the First and Second Estate because the Third Estate were treated unjustly. This injustice spread like wildfire in the Third-Estate. France was led under a monarchy ruled by Louis XVI. The monarchy was very much corrupt because the King and Queen would...
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...period of radical social and political upheaval in France that had a fundamental impact on French history and on modern history more broadly. The absolute monarchy that had ruled France for centuries collapsed within three years. French society underwent an epic transformation, as feudal, aristocratic and religious privileges evaporated under a sustained assault from radical left-wing political groups, masses on the streets, and peasants in the countryside.[1] Old ideas about tradition and hierarchy regarding monarchs, aristocrats, and the Catholic Church were abruptly overthrown by new principles of Liberté, égalité, fraternité (liberty, equality and fraternity). The royal houses across Europe were horrified and led a countercrusade that by 1814 had restored the old monarchy, but many major reforms became permanent. So too did antagonisms between the supporters and enemies of the Revolution, who fought politically over the next two centuries. Amidst a fiscal crisis, the common people of France were increasingly angered by the incompetency of King Louis XVI and the continued indifference and decadence of the aristocracy. This resentment, coupled with burgeoning Enlightenment ideals, fueled radical sentiments, and the French Revolution began in 1789 with the convocation of the Estates-General in May. The first year of the Revolution saw members of the Third Estate proclaiming the Tennis Court Oath in June, the assault on the Bastille in July, the passage of the Declaration of...
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