Grandmother Smith is concerned about having an incapacitating illness that will prevent her from managing her finances. Grandmother Smith should execute a(n): Show Transcribed Text ง Homer is physically unable to sign his will. While he is heavily sedated and sleeping only a few feet away, Athena signs the will for him in the presence of a few friends. The next morning, Homer passes away. Athena wants to probate the will because she is the sole beneficiary. The will is valid.
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- Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans had the following receipts: Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and child supportthe alimony payments were to terminate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred 90,000 to her in settlement of the personal injuries she sustained. The Deans had the following expenditures for 2018: The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded from coverage under her employers pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution. The Deans household includes the following, for whom they provide more than half of the support: Penny graduated from high school on May 9, 2018, and is undecided about college. During 2018, she earned 8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wandas widower father who died on December 20, 2017. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is 4,200 (Lance) and 2,100 (Wanda). The proper amount of Social Security and Medicare tax was withheld. Determine the Federal income tax for 2018 for the Deans on a joint return by completing the appropriate forms. They do not want to contribute to the Presidential Election Campaign Fund. All members of the family had health care coverage for all of 2018. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax Online.Ann, who is age 22, just returned to the work force last week after giving birth to twins. She has limited disposable income. She is healthy now but her family history indicates the incidence of stroke. She would like some insurance coverage for her children’s education in the event of her death. What kind of plan would you recommend to Cindy?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 Henry and Rita title all of their assets as JTWROS after they get married C) Have the families enter into a family settlement agreement D) Have Henry and Rita execute a premarital property agreement
- Roger Kramer’s wife Sarah passed away five years ago, and she made Roger promise to continue to provide care for Sarah’s sister Margaret Smith and let her live in their residence for a period of time. Roger and Sarah had no children, and Margaret Smith was like a daughter to them. Roger passed away, and his will contained the following provisions:a. $200,000 of estate principal should be donated to the Sierra Club and the balance, less appropriate expenses, should be placed in theMargaret Smith trust.b. The Margaret Smith trust calls for 80% of periodic net income to be paid out to Margaret Smith with the balance to be considered trust corpus.c. The trust is to be terminated two years after Roger’s death at which time 60% of the corpus will be given to Margaret Smith and the balance to the Milwaukee Foundation to be placed in a fund to support environmental issues dealing with alternative energy sources.The following events occurred within one year of Roger’s death:1. In addition to…It's our last chance to peek into Tarek's financial planning as he prepares for his death. Now that Tarek is married, he wants to make sure that he and his wife have appropriate estate planning documents in place. Right now, neither Tarek nor his wife Samantha have drafted any legal documents. This is a worry for Tarek because he has several wishes he would like carried out should he die or become incapacitated. For example, if he were to die, he would like to be buried in his hometown, which is in another state. Also, if he were to be diagnosed as being in a prolonged vegetative state, he would prefer to be removed from all artificial lifesaving measures, except food and water. Additionally, he and Samantha are currently shopping for a new car for her. Tarek is thinking of selling his motorcycle, which is owned fee simple, and using the proceeds as a down payment for the new car. Tarek does not know how to title the new car. Instructions Please answer the following questions for…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.
- Henry wants to establish a trust for his financially challenged adult daughter. He wants to contribute annually to the trust, but his daughter would receive only the trust income. The remainder would go to his grandchildren (her children) at her death. Henry wants the daughter to receive all the earnings from the trust with no restrictions. He realizes that she will probably just squander the money she receives but wants to otherwise protect her from her creditors. Which of the following trusts would you recommend Henry establish for the benefit of his daughter? A) An irrevocable trust, including spendthrift provisions B) A Section 2503(b) trust C) A Section 2503(c) trust D) A support trustGoerge Edward and his 80 year old mother, Elizabeth Edwards, who he lives next door to, both have bank accounts at the First National Bank of (Your Jurisdiction) Limited. George manages his mother's finances since it is difficult for her to physically go to the Bank to complete transactions (such as pay utility bills) and she is not technologically savvy. He is her only son and she has one daughter, Natalia Charles. On Monday 29th August, 2022, George went to the FNB to obtain a bank draft (cheque). One of the Bank's workers asked him about his mother and whether she was able to purchase the property that she requested the bank draft for. George became furious. He did not know about the bank draft nor about the plan to purchase any property. He tells them that everyone knows that his mother has Alzheimer's disease. He demands to know the details of what transpired and the bank worker tells him that his mother was brought in by Michael Charles, who took custody of the bank draft after…Eliza purchased a life insurance policy on her own life. Eliza is not married and does not have any children, but she is fond of her neighbor and some of her close relatives. She has expressed some concern about owing estate taxes at her death; however, she refuses to implement any trust planning for her estate. Accordingly, Eliza executed a will that leaves all of her personal property to her neighbor, and all of her remaining assets to her close relatives. She has named her estate as the beneficiary of her life insurance policy. Which of the following are correct statements regarding the advantages or disadvantages of the life insurance policy beneficiary designation? Eliza's estate may use the life insurance policy death benefit to pay any estate taxes due. Since the estate was named as the beneficiary of the life insurance policy, the death benefit may only be used to pay expenses of estate administration and creditors of the estate. The life insurance policy death benefit will be…
- Cora, 79, has an estate that includes her personal residence valued at $120,000 and $18,000 in a bank account that is solely in her name. She would like to arrange her estate so that she maintains exclusive control of the assets during her lifetime, but at her death the assets will pass to her friend, Mabel, outside of probate. Based on Cora's goals and situation, which of the following are correct statements about will substitutes that she could use? She should put her bank account in tenancy in common with Mabel. She should title her personal residence in joint tenancy with her friend, Mabel. She should execute a will that names her friend, Mabel, as the legatee of the bank account and the devisee of the personal residence. She should place the bank funds in a payable on death (POD) account with Mabel as beneficiary. She should change the title on her personal residence to indicate a life estate reserved for her lifetime and a remainder to her friend, Mabel. A)IV and V…Katie and Rob were married in 2010. Katie and Rob lived together until February 2020, when Katie left Rob to go live with her new boyfriend. Katie and Rob are not divorced or legally separated as of December 31, 2020. Rob has a daughter, Emily, who is a dependent child (qualifying child) of Rob and lived with Rob for all of 2020. Rob paid all costs of maintaining the home for him and Emily for all of 2020. Rob does not know where Katie is, and he would not be able to get Katie to sign anything. What would be the most beneficial filing status that Rob could use for 2020? Assume Rob has taxable income of $300,000.Stan and Sylvia are each 22 years old, and not married. Sylvia is 8+ months pregnant with their unborn child, which is due in October of 2021. During 2021, Stan made $19,900 of wage income, and Sylvia made $49,000. Neither has given anything to charity, and Sylvia has all the medical costs covered by insurance. There are no other items to consider. They are contemplating two options: Option A: Sylvia has the baby, they do not get married, do not live together, and Sylvia lives with and takes full care of the baby. Option B: They get married, live together, and jointly take care of the baby. From a purely tax perspective, which option would you recommend for Sylvia and Stan? You must report empirical evidence from the facts here to support your conclusions. Please show formulas