# 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…...

### Similar Documents

#### Real Estate

...Progress in Planning 64 (2005) 69–175 www.elsevier.com/locate/pplann Global city making in Singapore: a real estate perspective Sun Sheng Han Department of Real Estate, School of Design and Environment, National University of Singapore, 4 Architecture Drive, Singapore, Singapore 117566 CHAPTER 1 Introduction ‘Global city’ is a notion popularly cited among planning academics and practitioners in describing some strategic places in the world economy. Pioneer researchers in this area deﬁne global cities as basing points of capital in a world economy (Friedmann, 1986: 71); production centres of specialized information services such as ﬁnancial services, media services, educational and health services, and centres of tourism (Hall, 1998: 24); and centres for servicing and ﬁnancing international trade, investment and headquarters operations (Sassen, 2004: 171). Summarizing those perspectives and recognizing the inﬂuence of a new economy, which can be characterized as informational, global and networked (Castells, 2000: 27), global cities can be seen as the urban nodes where globalization materializes so that they are (1) highly concentrated command points in the organization of the world economy; (2) key locations for ﬁnance and specialized service ﬁrms; (3) sites of production of innovation; (4) markets for the products and innovations produced (Sassen, 2001: 3 and 4). Taylor (2004) has argued that these perspectives involve understanding just the attributes of cities and...

Words: 47333 - Pages: 190

#### Text and Estate Planning

...CFPCM Certification This reference material is not for sale but for internal circulation only MODULE OUTLINE PART I INTRODUCTION SCOPE OF TOTAL INCOME AND RESIDENTIAL STATUS INCOME EXEMPT FROM TAX PART II INCOME FROM SALARIES INCOME FROM HOUSE PROPERTY CAPITAL GAINS PROFITS AND GAINS OF BUSINESS AND PROFESSION INCOME FROM OTHER SOURCES TAX COMPUTATIONS PART III INTRODUCTION TO TAX PLANNING & TAX RELIEF TAX MANAGEMENT TECHNIQUES TAX COMPLIANCE MATTERS PART IV ESTATE PLANNING Detail Contents PART 1 CHAPTER 1 INTRODUCTION 1. Income Tax Mechanism in India 2. Basic concepts 1. Person 2. Assessee 3. Assessment year 4. Previous year 5. Rates of Tax 6. Accounting Method 7. Capital and Revenue Receipts 8. Income 9. Casual Income 3. Permanent account number CHAPTER 2 SCOPE OF TOTAL INCOME AND RESIDENTIAL STATUS 1. Definition of total income 2. Residential Status 3. Importance of residential status 4. Basic rule for determining residential status 1. Individual 2. HUF 3. Firms and association of person 4. Company 5. Every other person 5. Scope of income as per residential status 1. Resident 2. Not ordinarily resident 3. Non resident 6. Various kinds of income 1. Income received in India 2. Income deemed to be received in India 3. Income accruing or arising in India 4....

Words: 102684 - Pages: 411

#### Director of Town Planning and Estates Services

...Management for Urban Planning and Management. Degree Assessment Board Chairperson External Examiner First Supervisor Second Supervisor : : : : Prof. Ir. P. van der Molen Dr. F. Toppen (University of Utrecht) R.V. Sliuzas MSc Drs. S. Amer INTERNATIONAL INSTITUTE FOR GEO-INFORMATION SCIENCE AND EARTH OBSERVATION ENSCHEDE, THE NETHERLANDS A GIS BASED MUNICIPAL INFORMATION SYSTEM FOR MANAGEMENT OF URBAN DEVELOPMENT CONTROL PROCESS (CASE STUDY OF BLANTYRE CITY ASSEMBLY, BLANTYRE, MALAWI) Disclaimer This document describes work undertaken as part of a programme of study at the International Institute for Geo-information Science and Earth Observation. All views and opinions expressed therein remain the sole responsibility of the author, and do not necessarily represent those of the institute. A GIS BASED MUNICIPAL INFORMATION SYSTEM FOR MANAGEMENT OF URBAN DEVELOPMENT CONTROL PROCESS (CASE STUDY OF BLANTYRE CITY ASSEMBLY, BLANTYRE, MALAWI) DEDICATION To my loving wife Etness, Sweat daughter Daphne, And caring parents. “Gratitude is the hardest of all emotions to express. There is no word capable of conveying all that one feels. Until we reach a world Where thought can be adequately expressed in words, ‘Thank you’ will have to do.” W.F. Erian A GIS BASED INFORMATION SYSTEM FOR MANAGEMENT OF URBAN DEVELOPMENT CONTROL PROCESS (CASE STUDY OF BLANTYRE CITY ASSEMBLY, BLANTYRE, MALAWI) ABSTRACT One of the major concerns of urban planning management in......

Words: 45342 - Pages: 182

#### Real Estate

...Relationship between Real Estate and Financial Sectors in Dubai Economy Dr. Eisa Abdelgalil Data Management and Research Department Table of Contents Table of Contents............................................................................................................i ‫......................................................................................................................ﻣﻠﺨﺺ ﺗﻨﻔﻴﺬي‬ii Executive Summary ..................................................................................................... iii 1. Introduction................................................................................................................1 1.1 Background ..........................................................................................................1 1.2 Objective ..............................................................................................................1 1.3 Research questions...............................................................................................1 1.4 Methodology and data..........................................................................................2 1.5 Outline of the study..............................................................................................2 2. Dynamic of Real Estate Market.................................................................................3 3. Impact of Real Estate on Financial Institutions ........................................................

Words: 6149 - Pages: 25

#### Estate Planning for Same Sex Couples

...Estate Planning for Same Sex Couples I. Introduction The benefits of marriage are unavailable to same-sex couples. Moreover, outdated intestacy statutes fail to recognize the close family bond between same-sex partners. Moreover, most intestacy laws discriminate against same-sex couples in that gay or lesbian relationships are generally considered invalid for the purposes of distributing the estate of a deceased partner who dies without a will. Accordingly, in order to reap inheritance and tax benefits that are automatically afforded to traditional married couples, these same-sex couples must rely on extensive and creative legal planning. There are several tools that provide solutions to this issue. Contract based estate planning techniques are the most commonly used tools for distributing a decedent’s property at death. Though the following planning mechanisms provide certain advantages, they are also accompanied by various disadvantages. II. Wills A will is an instrument by which a person directs dispositions of property to take effect upon death. It is the only document that allows a decedent’s probate assets to pass testate to persons of his or her choosing as opposed to passing via the strict laws of intestacy, under which the surviving partner would receive nothing. Even in the presence of strategies used to avoid probate such as intervivos trusts, wills are an essential precautionary measure to demonstrate the intent to pass property outside of probate,......

Words: 2337 - Pages: 10

#### Acc 565 Week 10 Assignment 4: Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax

Words: 416 - Pages: 2

#### Acc 565 Week 10 Assignment 4: Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax

Words: 416 - Pages: 2

#### Acc 565 Week 10 Assignment 4: Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax

Words: 416 - Pages: 2

#### Acc 565 Week 10 Assignment 4: Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax

Words: 416 - Pages: 2

#### Acc 565 Week 10 Assignment 4: Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax

Words: 416 - Pages: 2

#### Acc 565 Week 10 Assignment 4: Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax

Words: 1108 - Pages: 5

#### Estate Planning

...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 decedent’s estate by the court. This document allows the representative to deal with third parties involved with the estate. It is usually only one page long. There are “letters testamentary” if the decedent nominated the person in his/her will, and “letters of administration” is there was no person named in the decedent’s will....

Words: 395 - Pages: 2

#### Acc 565 Week 10 Assignment 4: Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax

Words: 416 - Pages: 2

#### Family Owned Estate Planning

...Family Owned Business Estate Planning In this case study, as John’s financial advisor, I have been tasked with reducing, or eliminating the potential estate tax burden of John’s estate. Additionally, I am tasked with maximizing the amount of wealth transferred to John’s heirs. John, age 61, is married to Jane, age 60. He owns Victory Company, a family business professionally valued at \$5.6 million. He and Jane have three children and seven grandchildren. One son, Paul, manages Victory Company and will someday own it. John's overall wealth is about \$15 million. This includes the \$5.6 million value of Victory Company, which nets \$1.5 million before tax and after paying John a \$300,000 salary plus liberal fringe benefits. After taxes, John earns about \$400,000 to \$600,000 more per year than he and Jane spend. The balance of John's wealth includes two homes (a main residence and a vacation home) worth a combined \$2.7 million; \$1.7 million in his 401(k) plan; cash assets and a stock and bond portfolio totaling \$1.8 million; \$2.9 million in income-producing real estate; and \$300,000 in sundry assets. There also is \$6.2 million in insurance on John's life that is now owned by an irrevocable life insurance trust (ILIT). This insurance includes a \$1.2 million whole life policy and \$5 million in 10-year term insurance with six years remaining in the term. Business This first thing I need to get a handle on is John’s company. The \$5.6 million value of Victory Company represents......

Words: 2392 - Pages: 10