Daphne's Retirement Account Case

While grantor trusts are commonly created as part of an estate plan, estate planners may inadvertently be creating income tax issues that trustees and tax preparers must deal with during the administration. When the grantor of a grantor trust dies, or the grantor trust status terminates during the life of the grantor, for the most part the tax consequences are well established. What is unclear is what happens if the grantor trust had an outstanding liability to the grantor at the death of the grantor. This paper addresses the issue and how it may be treated. Part I of this paper will briefly address the history of

Mallor, Barnes, Langvardt, Prenkert, & McGrory, (2016 pp. 368-370) writes, “On November 15, 1998, Dr. John G. Griffith purchased a life insurance policy underwritten by United States Life Insurance Company unwritten through AMA Insurance Agency, Inc. (AMAIA). The Policy was for a 10–year term. The life insurance policy belonged to Dr. John G. Griffith was also the party that was insured by the policy. Dr. John G. Griffith’s wife Ms. Elizabeth Wilson was the primary beneficiary. Under the Policy, if Dr. Griffith died “while the policy insurance is in force,” then, upon presentation of proof of his death to U.S. Life, U.S. Life would pay Ms. Elizabeth Wilson the scheduled benefit. The scheduled benefit for death was $400,000.00 with an additional

(e) What amount is included in Decedent’s death, Child cashes in the policy and receives $120,000?

In Creela Belle Howard’s article “Legal settlements at Veterans Affairs more than tripled since 2011, many due to medical malpractice,” she argues that VA hospitals, known for having a history of scandals and malpractice, should start terminating staff members for malpractice. Howard presents credible evidence, as well as implementing emotion through heartbreaking examples of veterans who passed away at the hands of shiftless staff at VA hospitals throughout the country. The author also presents no bias by stating facts without opinions about her own personal views.

"One question many have is, "what is probate?". This legal process begins when a loved one passes and is designed to show a will is valid, In addition, the process involves the identification

The Chicago Fire Department and The Chicago Police Department are in danger of losing their pensions. These brave men and women put their lives on the line every day and this is how the government repays them. This is not securing their future of retirement. Citizens believe that our first responder’s pensions should be a high priority to Chicago’s to-do list. This City of Chicago owes these brave men and women a pension like they promised and if that means cutting funds to other things, then it should be done. The pension secures the men and women’s future of retirement, and by taking it away from them it may create unstable lives.

3. The government defines death as the amount of life insurance policy payable to the beneficiary when the annuitant dies.

Do either the Living Wills or Durable Power of Attorney apply in this case? Explain.

Wife shall provide a Term Life Insurance Policy which names the two (2) minor children as beneficiaries thereof in an amount of no less than $75,000 and shall provide proof to the Husband of the life insurance policy yearly.

In the state of Georgia, all marital property is subject to equitable division between the spouses during a divorce. Equitable division doesn’t necessarily mean an equal division of property, but a fair and reasonable division of property, based on the circumstances of the parties. Marital property includes any contributions that either spouse has made toward any kind of retirement plan during the marriage, including pensions. However, marital property does not include any contributions that a spouse made to a retirement plan or pension prior to the marriage. That portion of the spouse’s contributions or the value of that portion of the pension will remain the separate property of the spouse who made the contributions.

Peter had RRSPs but no RPPs. One RRSP that originally consisted of contributions of $26,000 was valued at $34,000 at date of death. Peter’s wife, Paula was named as beneficiary on this RRSP. Peter’s son, Fred was beneficiary of a second RRSP that consisted of contributions of $21,000 and was valued at $27,000 at date of death.

8. Proceeds are received from a life insurance company because of the death of a key officer.

Sonja fails to pay the second annual premium due on January 1. She dies 15 days later. When it comes to the premium which is the ordinary life insurance, the beneficiary will receive the proceeds of that policy because there is a grace period of 31 days to pay the overdue premium and by Sonja’s death occurring within that time frame of the grace period the beneficiary has the right to receive the proceeds from

Cory currently has $76,000 (2 x $38,000) of term life insurance through his employer. Consequently, Cory should consider purchasing approximately $293,000 of additional life insurance coverage. Tisha has $69,000 of term insurance through her employer, as well as a whole life policy of $50,000. She should consider purchasing an additional $328,000 of life insurance coverage ($447,065 – $119,000). While Tisha or Cory

Newspaper Owner 1 is a “diversified media company that generates most of its revenues through newspapers sold around the country and around the world” (pg. 122). Competition for subscribers and advertising revenues