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Question 1 Cyrus, the owner of Eden, Inc., died at the end of 2011. He left all of his assets, including stock in Eden, to his two sons, Adams and Charles. Charles had been involved in the running of Eden, a subchapter S corporation, for many years. He had also been successful at several independent ventures so that his income put him in the highest marginal tax bracket. Adam’s interests , on the other hand, generated little income. He had limited involvement with the family, or the family business, for several years. In fact, he had left the country and given up his citizenship a few years before Cyrus’ death. Charles was the executor of the Cyrus’ estate. Charles had completed all the work necessary to wrap up the administration of the estate by the end of 2012, but has not distributed its assets or terminated the estate. The estate continues to hold all of the stock of Eden, which barely even after paying Charles’ salary. Its liquid assets generate about $10000 of interest income each year. Near the end of 2014, Adam contacted you about the estate. He would like to have it wrapped up and receive his share of the property. He says that Charles has told him it is better, for tax purposes, to keep the estate open. In that way, the tax paid on the interest income is reduced, and Eden’s S selection is not jeopardized. What insight can you provide Adam regarding the continued existence of the estate and the potential tax consequences of its termination? Question 2 Duncan Bennett, a single parent, wants to leave his entire estate to his only child, Bonnie. He knows Bonnie is extravagant and often spends her money foolishly; therefore, he establishes a trust with a spendthrift provision “to protect Bonnie from her own mismanagement and wasteful habits in spending money.” The trust also provides that Bonnie cannot transfer, pledge, or assign her interest in the trust income or principal in any manner and that such interest is not to be subject to any of Bonnie’s creditors’ claims by attachment, garnishment, execution, or other process of law. Answer the following: 1. Are spendthrift trusts valid in all states? 2. Would this trust be valid in your state? If so, cite the statute. (my state is California) 3. If one of Bonnie’s creditors supplies her with property items that are obviously “necessaries,” can that creditor reach (obtain) Bonnie’s trust income despite the spendthrift clause? See Erickson v. Bank of California, 97 Wash.2d 246, 643 P.2d 670 (1982) Question 3 Amy purchased 20 acres of land from Ben, since Amy was immediately leaving the country to serve in the Peace Corps for two years and was unable to attend the closing, she asked Ben to deed the property to her close friend, Sally. Ben conveyed the property by deed to Sally in her name. When Amy returns, Sally refuses to turn over the property and claims the property was a gift to her from Amy. Amy denies the property was a gift and demands that Sally return the propert ...
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Jane Sharks - Joint Ownership – A Potential Minefield for Advisors
Estate Planning Council of Abbotsford
Question 1 1. John and Mane are married and live in your state. The deed conveying their property states, “to John A. Kowalski and Mae F. Kowalski, husband and wife, as joint tenants in common.” (a) Would this conveyance create a tenancy by the entirely in your state? (b) Cite our state statute, if any. …… (my state is California) 2. What five unities are necessary for the establishment of a tenancy by the entirety? Explain each one. 3. Which unity exists in tenancy by the entirety but not in joint tenancy? 4. Select a state that recognizes tenancy by the entirety (possibly your own state) and identify the type of tenancy created by the following conveyance according to the courts of that state. Each conveyance is to husband and wife with wording as indicated. Joint Tenancy Tenancy by the entirety Tenancy in Common “as tenants by the entirety” “as tenants by the entirety with the right of survivorship” “with the right of survivorship” “as joint tenants” “as tenants in common’ “ no other words, just to “husband and wife” Question 2 After reviewing freehold estates. Answer the following questions. Amy conveys by deed her lake cottage to ”Clare for life, then to Maxine for 20 years, then to Elizabeth and her heirs. 1. What of kind of estate does Clare have? 2. Who receives the property when Clare dies? 3. If Maxine dies before Clare, who receives the property on Clare Deaths? 4. Does Amy have a reversionary interest in the property? Explain 5. What interest does Elizabeth hold? 6. Two remaindermen are involved in the conveyance. Who are they and why are they so classified? 7. Do Elizabeth’s heirs have any interest in the property by this conveyance ? Problem This is the first of three tax returns that you will be preparing in this course. This first return will assess your ability to properly handle taxable transfers using the 2513 election to split the gifts. If tax software came with your text purchase, or if you have alternate tax software, you may use it to complete this assignment. If not, a fill-in 2013 709 PDF form can be found in Doc Sharing. Remember, you will be submitting (2) 709 forms, one for James A. Polk and one for Ella R. Polk. If you use the fill-in form in Doc Sharing, two forms are already included. All submissions for this assignment MUST be in PDF format. If you choose to use tax software, do not submit the tax software file. Save the tax return in PDF format, with your last name in the filename, and submit the PDF file. #1. James A. And Ella. R. Polk ages 70 and 65 are retired physicians who live at 13319 Taylorcrest street, Houston, Texas 77079. Their three adult children (Benjamin Polk, Michael Polk, and Olivia Turner) are mature and responsible persons. The Polks have heard that the Obama administration has proposed lowering the Federal gift tax exclusion from $5.25 million to $3 million. Although this change may not occur, the Polks feel they should take advantage of the more generous exclus ...
Question 11. John and Mane are married and live in your state..docx
Question 11. John and Mane are married and live in your state..docx
IRESH3
After completion of this lesson students will be able to : a) identify the presumptions relating to domestic agreements and commercial transactions b) distinguish between the two basic presumptions under the doctrine of intention to create legal relations;
Intention to Create Legal Relations : Presumptions and the Rebuttals
Intention to Create Legal Relations : Presumptions and the Rebuttals
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Jane Sharks - Joint Ownership – A Potential Minefield for Advisors
Jane Sharks - Joint Ownership – A Potential Minefield for Advisors
Question 11. John and Mane are married and live in your state..docx
Question 11. John and Mane are married and live in your state..docx
Intention to Create Legal Relations : Presumptions and the Rebuttals
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Cohabitation Presentation With Definitions And Case Studies
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Cohabitation By Graeme
Fraser, Associate Family Law Department Cumberland Ellis LLP
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With divorce Matrimonial
Causes Act 1973 The law is a mess but at least we know where to find it
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Editor's Notes
Cohabitation presentation
Cohabitation presentation
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