In analyzing a client’s current and potential alternative courses of action, provide a minimum of four and maximum of eight questions needing to be asked and answered.
- In analyzing a client’s current and potential alternative courses of action, provide a minimum of four and maximum of eight questions needing to be asked and answered.
- What is a tenancy in common?
- Explain what happens at the death of a tenant in common.
- How can a tenancy in common be partitioned?
- What is the meaning of tenancy by the entirety?
- What is joint tenancy with right of survivorship?
- Can a joint tenancy be partitioned? Explain your response.
- What is community property?
- Identify three ways that separate property may be owned and maintained as separate property by a married couple who resides in a community-property state.
- Explain what happens at the death of the first spouse when property is held as community property.
- How can a married couple convert their community property into separate property?
- What, if any, are the implications of community property interests when a married couple relocated from a community-property state to a common law state?
- Describe the profile of a client for whom the nonfinancial goals of estate planning might be more important than the financial goals.
- Describe the profile of a client for whom the financial goals of estate planning might be as important if not more important than the nonfinancial goals.
- Practitioners of estate planning believe that the income tax and estate tax planning goals can often be in conflict. Describe an example of such a conflict.
- Mary Mogul has a chain of successful dry cleaning establishments co-owned with her brother Martin. While residing in New York State, she has a personal shore home in New Jersey. She comes to you for estate planning advice. What might be two common mistakes to be avoided?
8 points
- Ron and Susan were married 15 years ago. They have lived in California, a community property state, since their marriage and Ron does not work outside the home. You discovered the following facts:
- Susan has always deposited her salary and other income in a separate bank account solely in her own name and transferred funds to a household account in both her and Ron’s names.
- Seven years ago, they purchased a home with funds from Susan’s account.
- Last year, Ron inherited a stock portfolio from his mother; he has kept the portfolio in his name only.
- Ron owned an antique car prior to his marriage to Susan; he still has the title to the car.
- Two years ago, they purchased a recreational vehicle with funds from the household account; they executed a marital agreement that the vehicle should not be considered community property and took the title JTWROS (joint tenants with rights of survivorship).
- Two years ago, Susan’s uncle gave her some raw land.
Identify the assets that will be considered community property. Explain your response.
7 points
Anderson Case Study
- In the Anderson Case Study, given the addiction issues of Dan Anderson, why would providing fee simple ownership of any of Dan’s inheritance be unwise? Describe a technique providing Dan with only a beneficial interest and how it would be appropriate.
Write at least one-half page (double-spaced) and cite and reference the textbook (as seen on the last page of the assignment) or add any other resources used.
CITATION
