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Eric and June are partners in their law firm. A new client, Fred, meets with Eric to discuss drafting Fred's will and creating a trust for Fred's multi-million dollar cattle farm. Fred wants to keep control over the farm during his life but wants his oldest son, John, to take over as the trustee when Fred dies. He wants his children to have the farm when he dies and to avoid having the farm pass through probate upon his death. Eric drafts the will and sets up an irrevocable living trust naming himself as the trustee. Further, Eric sets up bank accounts to embezzle money from the trust. Fred incurs significant losses due to Eric's conduct. Answer/discuss the following questions.
-What are the basic/general requirements for a valid will?
-What type of trust should Eric have created to meet Fred's needs? Briefly describe why.
-While Eric will be liable for his criminal conduct, are June and the law firm (as a partnership) also be liable for Eric's conduct? Why or why not? HINT: Consider the relationship of the partners in a partnership and their rights and duties to each other.
An analyst has modeled the stock of a company using the Fama-French three-factor model. The risk-free rate is 5%, the market return is 10%, the return on the SMB portfolio (rSMB) is 3.2%, and the return on the HML portfolio (rHML) is 4.8%. If ai = 0,..
When this position was closed out, the quoted price was 94.75. -Determine the profit or loss per contract, ignoring transaction costs.
Quad Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.64 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which time it will be w..
On June 1st, 2016, Swatch expects to ship 3,500,000 watches from its Swiss plant to the US that it will sell through retail outlets on 270-day terms at $65 each. what is the minimum amount of Swiss Francs they should receive on February 25th, 2017 gi..
A company's 5-year bonds are yielding 8.25% per year. Treasury bonds with the same maturity are yielding 5.2% per year, and the real risk-free rate (r*) is 2.75%. The average inflation premium is 2.05%, and the maturity risk premium is estimated to b..
Define the “Parallel Accounting” and discuss its usefulness using a real example.
An investment project has annual cash inflows of $4,100, $5,000, $6,200, and $5,400, for the next four years, respectively. The discount rate is 14 percent. What is the discounted payback period for these cash flows if the initial cost is $6,800? Wha..
Significant Accounting Policies-What types of policies are typically disclosed in the first note that accompanies financial statements? Give several specific examples.
Carrie and Miranda earn the same salary. However, Miranda has been far more financially responsible. She pays her bills on time and pays off her credit card debt quickly. Carrie had been less financially responsible. She often buys too many shoes and..
Stock A has an expected return of 7%, a standard deviation of expected returns of 35%, a correlation coefficient with the market of 0.3, and a beta coefficient of 0.5. Stock B has an expected return of 12%, a standard deviation of returns of 10%, a 0..
Investors expect the market rate of return this year to be 10%. The expected rate of return on a stock with a beta of 1.2 is currently 12%. If the market return this year turns out to be 8%, how would you revise your expectation of the rate of return..
You have inherited $25,000. You plan to invest the inheritance in a portfolio of stocks and bonds yielded 9%. Your goal is to have this investment fund your retirement, which you estimate will require $3,200,000. Using the Rule of 72, how long will i..
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