Other than financial considerations, why should individuals consider preparing a valid will?

Q: What are arguments for and against preferential treatment of capital gains?

A: Capital gain defined as the increase in the value of the capital asset and it is realized when the…

Q: What is meant by a taxpayer's 'preservation age' and a 'condition of release', why are these…

A: Here discuss about some term related with the taxpayers which are important to get avail the…

Q: What is the difference between distributing property per capita and per stirpes?

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Who can be a trustee?

A: Trustee: The person who is appointed to manage and look after the assets of a trust is referred as…

Q: In accounting for an estate or trust, how is the distinction between principal and income…

A: In accounting for an estate or trust, principal means the property or assets which have been…

Q: Briefly summarize the differences between principal and income transactions for estates and trusts .…

A: In simpler terms estate indicates the property owned by an entity.  In accounting terms the estate…

Q: In what circumstance would a property insurance claim be rejected?

A: An insurance claim is a written request for coverage or compensation from an insurance company for a…

Q: Types of Trusts?

A: The types of trusts as follows: Living trust: One of the usually shaped trust is an inter vivos…

Q: What are the responsibilities of the executor of an estate?

A: Anyone can be an executor. It is usually one of the nominees or the person benefitting from the…

Q: For the following definitions, indicate the type of trust being described by selecting the correct…

A: Blind Trust Life Insurance Trust Living (revocable) Trust Trust for minors

Q: Outline the anti-avoidance provisions as they relate to the transfer of property to a child, a…

A: General Anti-avoidance Rule (GAAR) is a concept which generally empowers the Revenue Authority in a…

Q: What are some costs of home ownership that are not deductible?

A: Costs are the monetary value of expenditures for goods, services, labor, products, equipment, and…

Q: Briefly summarize the differences between principal and income transactions for estates and trusts.…

A: one important accounting concept is the differences between principal and income of estate or…

Q: which accurately describes a charitable trust? A charitable organization:

A: Charitable trusts are the organizations that are incorporated with the objective of welfare or some…

Q: Which of the following is not a true statement?a. Testate refers to a person having a valid will.b.…

A: Testate means a person who has died and has a valid will to be executed   Whereas, Intestate means a…

Q: How does a devise differ from a legacy? Choose the correct.a. A devise is a gift of money and a…

A:

Q: What are probate laws?

A:

Q: What are some common examples of income, and what are some common examples of items excluded from…

A: Income means the money or any equivalent value receives by individual or business, in exchange of…

Q: What is the role of trusts in estate planning?

A: The process of managing the assets of an individual or an organization until the death of the…

Q: Which of the following statements are correct regarding the purpose and characteristics of a…

A: Answer -  1. A nuncupative will requires at least one witness. - A nuncupative will, also known as…

Q: How does an executor discover the claims against an estate?

A: A claim is an assert in a case with or without providing evidence or proof.

Q: What is the difference between a testamentary trust and an inter vivos trust? Multiple Choice A…

A: Inter vivos (living) trusts is created when an individual is still alive in order to name the…

Q: Explain the Sheriff’s Deed-Trustee’s Deed?

A: Sheriff’s Deed:   It serves to specify the concern(s) of people whose asset was traded at an open…

Q: What is the purpose of the laws of distribution? To guide the distribution of personal property…

A: When there does not exist any valid will then the state law takes the control of the administration…

Q: What claims against an estate have priority?

A: Definition:   Priority claims of assets: When sufficient funds are not available then the order of…

Q: A handwritten will; may be subject to scrutiny after your passing. a) Statutory Will b) Cursive…

A: A holographic will is a report transcribed and marked by a departed benefactor, and it is an option…

Q: Identify issues pertaining to any financial regulations  that cause persons to loose  their home?

A: In case of a default unlimited liability might cause a shareholder to loose their home.

Q: How might the receipt of a gift affect therelationship between the giver and the receiver?

A: Nobody ever learned whenever the tradition of presenting gifts to mark special events began.…

Q: What are QTIP trusts, GRATs, and charitable remainder trusts?

A: QTIP trust: It is also known as qualified terminable interest property. The grantor creates the QTIP…

Q: What are the objectives of probate laws?

A: Probate law: After the death of the decedent how his property should be located, how his debts are…

Q: If a person dies without leaving a valid will, how is the distribution of property regulated?

A: Definition:   Intestate: When a decedent dies without any valid will then this situation is called…

Q: what are some tax rules that might affect a decision to make a charitablec contribution?

A: Charitable contributions are defined as the gifts or donations used for the qualified firms and it…

Q: A court will appoint a trustee.  True or False

A: A trustee is a person or a company who is entrusted with the property or the organization for a…

Q: What do you mean by “Trust Deed” in context of debenture?

A: A trust deed moreover called a deed of trust could be an archive that's often used in Joined…

Q: state

A: The ethical implications of the estate, inheritance, and gift taxes are as follows :-  (I) Estate…

Q: What are the differences between a devise, a legacy, and a bequest?

A: Will:   A will is a statement made in the lifetime of the person. In his or her will, a person…

Q: instrumental witneses are mandatory in a. holographic wills only b. both notarial and holographic…

A: Holographic Will: This will is totally written,  dated and signed by the testator.  Notarized will :…

Q: If you don't have a will when you die, the state will take steps to see that your assets are…

A: A will is a testament made by the testator regarding the distribution of the assets that he or she…

Q: What claims have priority to the distributions made by an estate?

A: Probate laws: After the death of decedent, in order to seek the problems of how his property should…

Q: What is the charitable contributions?

A: Introduction: Federal tax: Federal tax can be defined as the tax calculated on the taxable income of…

Q: What can be understood from Probate laws?

A: Probate law: After the death of the decedent how his property should be located, how his debts are…

Q: Suppose the trustor died prior to the fulfillment of the trust purpose, will the assets form part of…

A: Answer: Concept Any trust deed have trustee and trustor so that the purpose of trust is solved.

Q: discussion on why is it important for an estate to have cash and why should selling an estate's…

A: Here discuss about the details of estate tax and its important for the cash liquidity and the…

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.