Estate Planning

Submitted By falcongirl
Words 395
Pages 2
ACCT 5440
Ch 4 Problems

2. They will have to prove their degree of consanguinity to their father. The unsecured creditors do not have a right to his property. The debt transfers to Raul’s children.
8. A.
Marth Reddings

Andrew Jamine Kim Mark(deceased) Shirley(deceased)

S1A D2A D2B S1A S2B S2C S2D S2E(deceased) D3A D3B D3C

D2A1 D2A2 D2A3 S1A1 S1A2 S2C1 S2C2 S2E1 S2E2 D3A1
B.
| Per Stirpes | Per Capita | Per Capita at Each Generation |
Andrew, Jamine, or Kim | 1/5 each | 1/12 Each | 1/5 Each |
Mark’s Spouse | 0 | 0 | 0 |
Each of Mark’s living children | 1/20 each (1/5*1/4) | 1/12 each | 2/40 Each (2/5*1/8) |
Each of Mark’s deceased child’s children | 1/40 each (1/5*1/4*1/2) | 1/12 each | 1/16 each (1/8*1/2) |
Each of Kim’s children | 0 | 0 | 0 |
Each of Shirley’s children | 1/15 each (1/5*1/3) | 1/12 each | 2/40 each (2/5*1/8) |
Shirley’s grandchild | 0 | 0 | 0 |
12. Abe: \$50,000
Betty: \$10,000
Clay: \$15,000
Wanda: \$150,000 + (1/2 *(240-150-50-60)) = \$165,000

14. a.) The first thing Frank should do is state in his will that he wants to leave all his property to his wife. The second thing he should do is state that if his wife predeceases him that he wants to leave it to his children. Thirdly, he should include all three of his children in his will.
b.) If he died without changing his will, half would go to his wife, Joan, and half would go to his daughter, Mattie.
16. All of his property automatically transfers to John as long as he lives 120 past Bob’s death because everything was joint tenancy.
18. a.) Betty: \$250,000 Bill: \$150,000
b.) Betty: \$125,000 Bill: \$25,000
c.) Betty and Bill receive an equal amount of Ralph’s estate.
24. “Letters” is a document that contains a formal identification of the…...

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