BUS 425 - Unit 4- Estate Planning Solutions_2023

Jamie Lee and Ross have been hearing many stories recently about acquaintances that are passing away without leaving a will, which made Jamie Lee and Ross anxious to review their estate plan with an attorney.  They do not want to think about eventually passing on, but they know it is an essential part to careful financial planning.  It was suggested that they assemble all of their legal documents in a place where their heirs would be able to access them if necessary.  What documents would you suggest that Jamie Lee and Ross make accessible?

Which of the following techniques is commonly used in estate planning to minimize estate taxes? A) Gifting assets to family members shortly before death B) Establishing a trust for beneficiaries C) Transferring assets into a taxable brokerage account D) Not creating a will or estate plan

In estate planning, setting ul a trust account in the name of beneficiaries may help to _______ a. Improve the faith of the beneficiaries b. Maximise the estate tax obligation c. Protect the beneficiaries against future inflation d. Protect the beneficiaries from the creditors of the donor

In the context of estate planning, it is correct to say that: * Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death. State laws always determine the distribution of our estate after our death. Once we cannot predict the future, we should plan our estate only a little before our death. The executor is a person who assumes responsibility for providing childrem with personal care and managing the deceased's estate for them.

Please answer these questions, give me the right answers ( choices) please

which of the following persons must have an active North Carolina real estate license? a person who manages the petals of their parents beach cottage without receiving any compensation for their services a retiree who refers prospective home buyer to the home sales center at their retirement community in return fro fee rounds of golf anyone who occasionally buys. renovates, and sells historic houses at a significant profit the executor of an estate who handles the sale of the deceased persons real property and receives an executors fee.

which of the following persons must have an active North Carolina real estate license? a person who manages the petals of their parents beach cottage without receiving any compensation for their services a retiree who refers prospective home buyer to the home sales center at their retirement community in return fro fee rounds of golf anyone who occasionally buys. renovates, and sells historic houses at a significant profit the executor of an estate who handles the sale of the deceased persons real property and receives an executors

Question #83 of 85 Henry and Rita disagree about how to manage their finances after their marriage, and their children are concerned about receiving their inheritances. Which of the following strategies would you recommend to address these issues?     A) Have each spouse draft a will disinheriting the other     B) Have the families enter into a family settlement agreement     C) Have Henry and Rita title all of their assets as JTWROS after they get married     D) Have Henry and Rita execute a premarital property agreement

Sophia Martinez wants to travel after she retires as well as pay off the balance of the loan she has on the home she owns. whi planning process does this situation demonstrate? Multiple Choice Determining her current financial situation Developing her financial goals Identifying alternative courses of action Evaluating her alternatives Implementing her financial plan

timed task, need help thanks

Solve through IRAC (ISSUE, Rules, Analysis, Conclusion) method. Samuel Finley has two children, a daughter Lee and a son Keaton. Samuel has a lovely beach house in Palm Beach. Sam is terminally ill and has been told by his doctors that he has less than a year to live. Lee knows that Keaton is their father’s favourite child and that he had been named in the latter’s will to inherit the beach house.   Lee knew that since their father did not have long to live and that he was 90 years old and starting to become mentally-weak, she could pressure him to transfer the Palm Beach beach house over to her even though Samuel may not totally understand what he was signing over. So, for four months, using pressure and threats, but more often with gentle but devious tactics, Lee succeeds in convincing Samuel to sign a transfer of property transferring the Palm Beach beach house over to her.   As his last act, before he dies, Samuel wants to set aside the transfer of the beach house to Lee. Advise…

Under what circumstance does an estate have an executor?   Multiple Choice   When there is no valid will.   When the estate exceeds the dollar amount of the estate tax exemption.   When the will establishes a trust fund.   When the will is contested.   When the will names a specific person to administer the estate.

What is a remainderman? Choose the correct.a. A beneficiary that receives the principal left in an estate or trust after a specified time.b. The beneficiary of the decedent’s life insurance policy.c. An executor or administrator after an estate has been completely settled.d. If a legacy is given to a group of people, the remainderman is the last of the individuals to die.

A married couple have written a will that leaves part of their money to a trust fund. The income from this trust will benefit the surviving spouse until death, with the principal then going to their children. Why was the trust fund created? Choose the correct.a. To reduce the estate of the surviving spouse and, thus, decrease the total amount of estate taxes to be paid by the couple.b. To ensure that the surviving spouse is protected from lawsuits filed by the couple’s children.c. To give the surviving spouse discretion over the ultimate use of these funds.d. To maximize the earning potential of the money because trust funds generate more income than other investments.

As the legal representative of your sister's estate, you would like to prepare an optional return for income from rights or things. Which of the following sources of income would you not include on the rights and things return? a) Interest from a savings account at a chartered bank earned prior to death. Uncashed matured bond coupons. c) Harvested farm crops. b) Unpaid dividends declared before d) the day the person died but receivable after her death.

Your client and his wife plan to purchase a new home. They want a form of property ownership that: will transfer title at death outside the probate process; will allow each spouse, while alive, to have a vested one-half interest in the property; guarantees that the surviving spouse will receive the property when the other spouse dies; and allows lifetime disposition by one spouse of their property interest without requiring the consent of the other spouse. Assuming that all the forms of ownership below are available in the state where the property is located, what is the form of titling that will best achieve all of their objectives?     A) Community property     B) Tenancy by the entirety     C) Joint tenants with right of survivorship     D) Tenants in common

Which of the following claims against an estate does not have priority? Choose the correct.a. Funeral expenses because the amounts incurred are usually at the discretion of family members.b. Medical expenses associated with the decedent’s last illness.c. The costs of administering the estate.d. Unpaid rent on the decedent’s home if not paid for the three months immediately prior to death.

Which statement describes a technique used to address the issue of ensuring the payment of adequate child support by a noncustodial parent when the parents of minor children are divorced?   A) A provision in the noncustodial parent's will leaving property to the minor will solve this concern.     B) To ensure that child support payments are continued if the noncustodial parent dies or becomes disabled before such payments are to cease, the parents must enter into a nuptial agreement.     C) An irrevocable trust established and funded by the noncustodial parent to ensure payment of child support can be a valuable tool to protect such assets from the claims of future creditors of the noncustodial parent.     D) Insurance on the life of the noncustodial parent must be owned by an irrevocable life insurance trust to prevent the noncustodial parent from changing the beneficiary.