Running Head: INSURANCE COVERAGE 1 INSURANCE COVERAGE 5 Importance of insurance in Estate and Gift Plans Student’s Name Institution Affiliation Date Insurance coverage is a vital aspect of estate planning. It is essential to help your family after the passing of the insured individual. For estate owners, seeking insurance cover is crucial for their families. The following are some of the benefits that are associated with insurance in estate and gift plans. 1. Avoiding Liquidity Problems Gifts are frequently attached to less money, and your domain might be made principally out of tangible assets, for example, firmly held business premiums, land or other assets. If your beneficiaries require money to pay home duties or to help themselves, these advantages can be difficult to offer. So far as that is concerned, you may not need these benefits sold. Protection can be the best answer for liquidity issues. Regardless of whether your estate is in considerable esteem, you might need to buy protection just to evade the pointless offer of advantages for pay costs or duties (Black et al., 2014). Once in a while second amazing promises well. Apparently, your circumstance is one of a kind, so it requires one to get expert guidance before buying estate coverage plans. 2. One can be able to Pick the Best Owner If one claims insurance for an estate at your demise and you die while the domain assesses in actuality, the returns will be incorporated into your quantifiable inheritance. A proprietorship is typically dictated by a few elements, including who has the privilege to name the recipients of the returns. Figuring out who should claim protection on your life is a complicated undertaking because there are numerous conceivable proprietors: you or your life partner, your kids, your business, an Irrevocable Life Insurance (ILIT), a family constrained association (FLP) or Limited Liability Company (LLC). The insured person should, therefore, make sure that they outline well the rightful conceivable proprietors to the insurance claim before they die to avoid the cases of misunderstanding among the left candidates. Possession by you or your life partner, by and large, works best when your joined resources, including protection, don't put both of your homes into a quantifiable circumstance. There are a few non-tax cuts to your possession, primarily identifying with adaptability and control (Thurman, 2016). The most significant disadvantage to possession by you or your life partner is that on the demise of the surviving companion (accepting the returns were at first paid to the mate), the protection continues could be liable to government home assessments, contingent upon when the surviving mate dies. 3. One will be able to Pass riches to the kids Possession by your youngsters works best when your essential objective is to pass fortunes to them. This makes their life more comfortable at the time when the insured person dies. In addition to this, ...

1. Running Head: INSURANCE COVERAGE
1
INSURANCE COVERAGE
5
Importance of insurance in Estate and Gift Plans
Student’s Name
Institution Affiliation
Date
Insurance coverage is a vital aspect of estate planning. It is
essential to help your family after the passing of the insured
individual. For estate owners, seeking insurance cover is crucial
for their families. The following are some of the benefits that
are associated with insurance in estate and gift plans.
1. Avoiding Liquidity Problems
Gifts are frequently attached to less money, and your domain
might be made principally out of tangible assets, for example,
firmly held business premiums, land or other assets. If your
beneficiaries require money to pay home duties or to help
themselves, these advantages can be difficult to offer. So far as
that is concerned, you may not need these benefits sold.
Protection can be the best answer for liquidity issues.
Regardless of whether your estate is in considerable esteem,
you might need to buy protection just to evade the pointless
offer of advantages for pay costs or duties (Black et al., 2014).
Once in a while second amazing promises well. Apparently,

2. your circumstance is one of a kind, so it requires one to get
expert guidance before buying estate coverage plans.
2. One can be able to Pick the Best Owner
If one claims insurance for an estate at your demise and you die
while the domain assesses in actuality, the returns will be
incorporated into your quantifiable inheritance. A
proprietorship is typically dictated by a few elements, including
who has the privilege to name the recipients of the returns.
Figuring out who should claim protection on your life is a
complicated undertaking because there are numerous
conceivable proprietors: you or your life partner, your kids,
your business, an Irrevocable Life Insurance (ILIT), a family
constrained association (FLP) or Limited Liability Company
(LLC). The insured person should, therefore, make sure that
they outline well the rightful conceivable proprietors to the
insurance claim before they die to avoid the cases of
misunderstanding among the left candidates.
Possession by you or your life partner, by and large, works best
when your joined resources, including protection, don't put both
of your homes into a quantifiable circumstance. There are a few
non-tax cuts to your possession, primarily identifying with
adaptability and control (Thurman, 2016). The most significant
disadvantage to possession by you or your life partner is that on
the demise of the surviving companion (accepting the returns
were at first paid to the mate), the protection continues could be
liable to government home assessments, contingent upon when
the surviving mate dies.
3. One will be able to Pass riches to the kids
Possession by your youngsters works best when your essential
objective is to pass fortunes to them. This makes their life more
comfortable at the time when the insured person dies. In
addition to this, claim are not subject to gift assess on your or
your companion's demise, and your kids get the more significant

3. part of the return's tax exempt. There likewise are weaknesses.
The claims are paid to your youngsters inside and out. This may
not be as per your general inheritance design targets and might
be particularly hazardous if a kid isn't fiscally capable or has
gender issues.
4. It Ensures continuity of business
Estate and gift plans are essential towards ensuring that the
continuity of business is upheld. The insured person is
compensated at the time of their demise, and this compensation
will be used by the conceivable proprietors to continue the
business operations. Organization sponsorship can permit
gratuities to be paid to some extent or in entire by the
organization under a split-dollar course of action. By doing this,
on the off chance that you are the controlling investor of the
organization and the returns are payable to a recipient other
than the organization, the gains could be incorporated into your
estate for domain charge purposes. The main idea behind this is
to ensure continuity of business of the deceased person by the
remaining beneficiaries.
5. Second-to-die insurance
Second-to-die insurance can be a helpful initiative for giving
liquidity to pay home duties. This kind of approach pays off
when the surviving life partner dies. Since an appropriately
organized domain design can concede all estates assesses on the
primary life partner's demise, a few families discover they need
not bother with any extra security at that point. It likewise has
different focal points overprotection on a solitary life; initially,
premiums and authoritative gift expenses are lower. Second,
uninsurable gatherings can be secured. In any case, second-to-
die strategy won't fit in your current irrevocable Life Insurance
(ILIT), which is presumably intended for a solitary life
approach. The second-to-die policy ensures that the returns are
not exhausted in either your gift or your mate's by setting up

4. another ILIT as the approach for the proprietor and recipient.
Types of insurance policies
There are two types of Life Insurance Policy for estate
insurance and Gift Planning. The first one is First-To-Die Life
Insurance Policy. It is also referred to as joint entire disaster
protection; this is a protection arrangement where benefits are
paid out to the surviving upon the demise of one of the insured
individuals. The protection arrangement can be composed of
either an entire life or general life approach. A first-to-die
policy can help in minimizing taxes upon the demise of the first
partner if the unlimited marital deduction is not utilized fully.
The other type is Survivorship Life Insurance Policy. It is also
known as second-to-die life insurance. Just like mutual whole
life insurance, survivorship life insurance guarantsees more
than two individuals. Nevertheless, survivorship life pays out
upon the demise of the last insured person rather than the first.
Since the benefits are paid until the last protected dies, the
future is more prominent, and along these lines, the premium is
lower (Thurman, 2016). Survivorship arrangements are
ordinarily either entire or general life approaches or usually are
composed to safeguard a couple or a parent and youngster. The
returns of the plan can be utilized to cover estate planning
taxes, to accommodate beneficiaries or to make an altruistic
commitment. The premiums in the case of second-to-die
insurance approach are considerably lower than the separate
arrangements because the bonus depends on a joint age and the
insurance agency's costs are lower with one policy.
Under the two types of life insurance on estate planning, there
are two types of Life Insurance Trust Arrangements. The two
are Revocable Life Insurance Trust and Irrevocable Life
Insurance Trust (Michael et al., 2016). In the case of Revocable
Trust Arrangement, the grantor names the trust as the recipient
of disaster protection strategies, holding the privilege to deny

5. the trust and different rights of proprietorship. This is regularly
suggested for more youthful families with modest resources but
strong life insurance strategies. The reason for Irrevocable Life
Insurance Trust is to revoke coverage benefits from the estate of
the first partner to pass on and from the estate of the surviving
spouse. The life partner might be the recipient of insurance
benefits, however, might not have any privilege to or control
over trust principal.
Who Owns the Policy?
A protection arrangement is an agreement between the
proprietor of the strategy and the insurance agency. The terms
of the agreement give that in return for the installment of
premiums, the insurance agency will pay benefits to a recipient
assigned by the proprietor. The insurance benefits are issued
upon the demise of the insured party. The proprietor has all the
lifetime rights to the agreement. The proprietor is the individual
who applies for the insurance cover. More often than not, the
subject of who ought to be the proprietor of the strategy is not
talked discussed when the application for protection is finished.
Regularly the guaranteed is the proprietor (Black et al., 2014).
For instance, if a spouse needs to purchase protection for
individual life, he is usually the proprietor. The spouse's life is
safeguarded, and wife is named as the primary recipient of the
children as the secondary recipients. If the spouse dies first, the
passing advantage is paid to the wife. The full estimation of the
benefits is incorporated into the insurance. In case the wife
dies. First, the kids will receive the benefits upon the demise of
the husband.
References

6. Black, K., Skipper, H. D., & Huebner, S. S. (2014). Life
insurance (pp. 565-69). Englewood Cliffs, NJ: Prentice Hall.
Thurman, S. D. (2016). Federal Estate and Gift Taxation of
Community Property Life Insurance: Illustrated with Special
Reference to California Law. Stanford Law Review, 239-280.
Schwartz, W. G. (2008). Life Insurance Estate Planning. S. Cal.
L. Rev., 35, 1.
Michael, J. M. B., & Gagliardi, K. F. E. (2016). Estate and Gift
Taxation of Life Insurance. Modern Estate Planning, 1.
Basic car maintenance
Sulaiman Alhumaidi, Ali alkharanda, khalid alfarhan, khleed
alghamdi
02/26/2018
Project status:
What we have accomplished?
What we have left to accomplish?
Completed Script.
Video filming is done.
Video Editing.
Impeding description text into the video.
Analyze video after completion.
Deviation from original scope:
Speeding up the project process.
Change in some of the requirements presented in the early days
of the project.

7. Issues within the project team:
Missing project team members during meetings.
Other class schedules and work has conflicted with our team
performance.
Getting work done on time.
Questions?
Team Progress Report II @ ADMG/IT 374 PMList of Prioritized
Risks for [Basic Car Maintenance]
Prepared by:
Khleed Alghamdi
Date: 02/26/2018
Ranking
Potential Risk
Potential Responses
Status
1
Lack of support of key stakeholders
Communicate with stakeholders frequently to keep them
engaged with the project.
Work in progress
2
Failure to retain key team members during the project

8. Get another teammate to fill in for the missing team member,
and reassign some of the tasks to insure project completion.
Resolved
3
Weather suitability to proceed with the project
Rescheduling project work time to a more suitable
circumstances, without changing project due date.
On hold
4
Scope creep inflates scope
Keeping our focus on what the project is about, without any
continuous growth in the project scope.
Resolved
5
Project team misunderstand requirements
Before our team begin with a new phase in the project, we try to
explain to each other to be well aware of what we are going to
do.
Resolved
6
Delays to required infrastructures
Getting all the required materials on the scheduled time.
Resolved
7
Requirements fail to align with strategy
Project manager tries to overcome such issue, by focusing on
more important requirements that fits with the strategy
Open
8
Requirements are incomplete
Get all the requirements needed on or before the scheduled date.
Closed
Probability/Impact Matrix:
5

9. 4, 7
1, 3
2, 8
6
Impact
Probability
High
Medium
Low
Low
Medium
High

10. ADMG 374 Individual Assignment
Team Performance Assessment
(Note there are two pages)
My name: Date:
My team name:
1. Describe your exact contributions to your project. Be
detailed and specific. What did you do to contribute to the
overall success of your team?
2. Enter each team member’s name below. Rate each member in
each category on a scale of 0 to 5 where 0 is non-existent and
10 is exemplary. Provide at least a paragraph that defends your
rating in the “why” column! Scores will be averaged among all
team members to form a composite average score for this
assignment.
Timeliness refers to the team member’s delivery of their portion
of work on time as expected by the project manager. Quality
refers to the quality of their contributions. Support and
Reliability refers to the team member’s overall commitment to
the success of the team (e.g. attending meetings/project team
time). Communication refers to how well the team member
communicated any issues, absences, or other issues with
assignments. Refer back to your team expectations to see if
they communicated as you and your team had discussed.

11. Team Member Name
Timeliness
(1-10)
Quality of Contributions
(1-10)
Communication
(1-10)
Support
Reliability
(1-10)
Total score
Why? Defend your rating scores

12. 3. In addition to rating your team member performance rate
your own performance using the same scale:
Team Member Name
Timeliness
(1-10)
Quality of Contributions
(1-10)
Communication
(1-10)
Support
Reliability
(1-10)
Total score
Why? Defend your rating scores