Issue of estate planning

Assignment Help Taxation
Reference no: EM131523872 , Length: word count:600

Library Research Assignment

Mr. and Mrs. Ybarra, a retired couple in their late 70s, come in to meet with you. They are very friendly and living a comfortable retirement due, in large part, to the overall size of their estate (nearly $4 million dollars spread over multiple accounts) and their conservative asset allocation.

As you bring up the issue of estate planning, they thank you for your concern, but explain that it is already taken care of. They go on to explain that their attorney has prepared wills for both of them and all of their accounts are titled Jointly with Rights of Survivorship.

There are surprised, and a little confused, when you mention that their heirs might end up receiving only a fraction of those assets after the two of them pass away.

Include the following in your explanation to Mr. and Mrs. Ybarra:
- The transfer-tax system
- What is considered part of the estate
- How much is excluded from taxation based on current legislation
- Gross estate versus adjusted gross estate

Reference no: EM131523872

Questions Cloud

The goal of health promotion and education : The goal of health promotion and education is to help prevent disease in patients. However, this is not always successful,& disease it not always preventable.
How are certain buzzwords used to influence public opinion : How are certain buzzwords used to influence public opinion? After reading about it, are you for or against the legislation? Explain your answer.
What are the similarities among the roles : Compare and contrast the primary care NP role with other APN roles and the role of physician assistants - what are the similarities among the roles?
Explain how you would handle the ethical issue : Explain how you would handle the ethical issue. Hypothesize what would happen if no one in the company followed the IMA's standards of ethical practice.
Issue of estate planning : They go on to explain that their attorney has prepared wills for both of them and all of their accounts are titled Jointly with Rights of Survivorship.
The model of consumer behavior : The model of consumer behavior to identify those environmental factors most likely to affect the consumer decision making for a specific product or service.
What are the keys to getting commitment to action : Think about organizations in which you have worked, for whom you worked as consultants, or with which you are familiar.
Determines the optimal rotation period : Explain the economic intuition for the condition that determines the optimal rotation period.
In what quadrant of the grid would you place the given tasks : Recommending a direction for an organization regarding geographic expansion, disposition of subsidiaries, and product offerings.

Reviews

Write a Review

Taxation Questions & Answers

  Advise mary and elite retail of the tax

BACC318 TAXATION LAW AND COMPLIANCE INDIVIDUAL ASSIGNMENT. Advise Mary and Elite Retail of the tax consequences of the above benefits received by Mary

  What is the firms after tax component cost of debt

What is the firms after tax component cost of debt for purposes of calculating the WACC (base answer on nominal rate. Round answer to 2 decimal places. My answer was 12.87%, but that is not correct.

  How does tax benefitrule applyto dollys and mollys situation

Dolly thinks that a $2 tip would be sufficient and that the other $98 is like "found money." How much should Dolly include in her gross income - How much more in salary must the second potential employer pay so that Wilbur's financial status will ..

  What penalties will they likely face

Donald and Marla Drumpf filed a joint 2013 federal income tax return claiming the Earned Income Tax Credit ("EITC") ($3,000), the American Opportunity Tax Credit ("AOTC") ($2,500), What penalties will they likely face

  Analyze tax consequences if company decides not to rebuild

Analyze the tax consequences if the company decides not to rebuild. Identify tax consequences if the company distributes the $2 million to its two shareholders.

  Compute the project profitability index for each project

Compute the project profitability index for each project and rank the four projects in terms of net present value, project profitability index and internal rate of return.

  Non current deferred tax liability

Barth James, Inc., has the following deferred tax assets and liabilities: $5,000 current deferred tax asset, $12,000 non current deferred tax asset, $8,000 current deferred tax liability, and $10,500 non current deferred tax liability.

  Describe and contrast the deficits projected

Describe and contrast the deficits projected under the baseline and alternative fiscal scenario and the implications of the projections based on the CBO report.

  Myrna and geoffrey filed a joint tax return

Myrna and Geoffrey filed a joint tax return in 2014. Their AGI was $88,325, and itemized deductions were $15,200, which included $12,160 in state income tax. In 2015, they received a $7,296 refund of the state income taxes that they paid in 2014. The..

  Se machinery pty ltd sem is a private resident australian

se machinery pty ltd sem is a private resident australian company incorporatedin 1981. the company develops and

  Disregarding any provision for federal income taxes

Disregarding any provision for Federal income taxes, Platinum Corporation's current E & P is.

  Answer the questions about self employment tax

27. Self-Employment Tax George has $71,300 in salary from his full-time position and $43,000 in net income in 2010 from his sole proprietorship. What must he pay for self-employment tax? What portion of this can he deduct?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd