Danilo Roque Felipe

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Question #74 of 85 John, 84, has developed Alzheimer's and can no longer care for himself. Prior to becoming incapacitated, John executed a will and a medical power of attorney. John's daughter comes to you, his financial planner, and inquires as to whether she can manage his finances for him, since she is named as the executor of the will and the agent under the medical power of attorney. Which one of the following statements would be a correct response to her inquiry?     A) John's daughter may not manage his financial affairs unless she is appointed by the court as his conservator.     B) John's daughter may not manage his financial affairs unless she is appointed by the court as his custodian.     C) John's daughter may manage his financial affairs because she is appointed as executor of the will and as the agent under the medical power of attorney.     D) John's daughter may manage his financial affairs because that was his express intent in a conversation you had with…

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Hi! Can you help me solve with the attached image. Thank you!

Question #60 of 85   Question ID: 1251856 Karen is the sole owner of a wildly successful small business. However, Karen's financial advisor has told her that her estate would be unable to meet its cash requirements if she were to die today, and the business would have to be sold. Karen, who is a widow with not children, is only 50 and plans to continue running the business for many years. However, she does want to take some action to prevent the possible sale of the business should she die, and prevent future appreciation of the business from inclusion in her gross estate. Karen is very close to one of her nieces, who has shown an interest in and aptitude for the business. Which one of the following actions would be most appropriate to help meet the liquidity needs of Karen's estate and would be consistent with her objectives and situation?     A) Karen should convert the business into an S corporation and gift shares in the corporation to her niece over a period of years.…

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Please answer these questions, give me the right answers ( choices) please

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Please answer questions 34 and 35 correctly. Give me the right choices

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Question #2 of 85 If a transferor is concerned about shielding his assets from a creditor, which of the following transfer techniques should he utilize? He should create a testamentary bypass trust. He should transfer his assets to an UTMA for his minor child. He should transfer his assets to a Section 2503(c) minor's trust and name an independent trustee. He should execute a payable on death designation on his bank account.     A) II, III, and IV     B) II and III     C) I, III, and IV     D) II only

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Solve through IRAC (ISSUE, Rules, Analysis, Conclusion) method. Samuel Finley has two children, a daughter Lee and a son Keaton. Samuel has a lovely beach house in Palm Beach. Sam is terminally ill and has been told by his doctors that he has less than a year to live. Lee knows that Keaton is their father’s favourite child and that he had been named in the latter’s will to inherit the beach house.   Lee knew that since their father did not have long to live and that he was 90 years old and starting to become mentally-weak, she could pressure him to transfer the Palm Beach beach house over to her even though Samuel may not totally understand what he was signing over. So, for four months, using pressure and threats, but more often with gentle but devious tactics, Lee succeeds in convincing Samuel to sign a transfer of property transferring the Palm Beach beach house over to her.   As his last act, before he dies, Samuel wants to set aside the transfer of the beach house to Lee. Advise…

Question #76 of 85   Question ID: 1251888 Husband and Wife have two children and decide to divorce. Husband later remarries. He is concerned about his new wife inheriting his estate without sufficient assets being distributed to his two children. Which of the following trusts would be most appropriate to ensure the children receive sufficient assets from Husband's estate?     A) A power of appointment trust that names the new wife as the sole income beneficiary and qualifies for the marital deduction, and the children as the remainder beneficiaries     B) A revocable living trust that names the new wife as the income beneficiary with a general power of appointment, and the children as the remainder beneficiaries     C) A testamentary trust that names the new wife as the sole beneficiary and states that it is Husband's wish for the new wife to distribute 10% of the assets to each child upon their 25th birthdays     D) A qualified terminable interest property trust (QTIP) that…

A Course in Miracles A New Earth MyNeopost ACTIVE | University.. E https://secure.times... Guide to forecastin.. Assum ework i Saved Required information [The following information applies to the questions displayed below] Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1. 2007 for $265.000. He sold the home on January 1.2019, for $291,900. How much gain must Troy recognize on his home sale in each of the following alternative situations? (Leove no answer blank. Enter zero if applicable.) d. Troy rented out the home from January 1, 2007 through December 31, 2014. He lived in the home as his principal residence from January 1. 2015. through December 31, 2015 He rented out the home from January1.2016. through December 31, 2016, and lived in the home as his principal residence from January 1. 2017. through the date of the sale. Assume accumulated depreciation on the home at the time of sale was SO. (Do not round intermediate calculations. Round your final answer to…

Question 1 Genuine Consent Katherine wants to sell a painting she has inherited from her grandmother. She has always been told that the painting was the work of a famous Australian artist, Tom Roberts. She likes the style of Tom Roberts’ paintings and has read several books about him and his painting career. She takes the painting to an antique shop and offers to sell the Tom Roberts’ painting to the shop owner for $20,000. The shop owner looks at the painting carefully and agrees that it is in very good condition and is worth $20,000 as an original painting by Tom Roberts.Unknown to Katherine and the shop owner, the painting is a clever reproduction and not an original painting by the famous Australian artist. Do Katherine and the shop owner have a contract? They are mistaken about the painting being an original painting by a famous artist. How would a judge analyse the mistakes made by Katherine and the shop owner? How might the mistakes affect their contract for…

Question #43 of 85   Question ID: 1251821 Four years ago, Evelyn created an irrevocable life insurance trust, transferred a life insurance policy that named her as the insured to the trust, and funded it with interest-bearing bonds. Income from trust assets is used to pay the premiums on the life insurance policy. The beneficiary of the trust is Evelyn's son, Bruce. The trustee is the trust department of a bank. What is one advantage of this trust arrangement for Evelyn?     A) She avoids having all income from the trust taxed to her during her lifetime.     B) She removed the proceeds of the insurance policy from her gross estate by transferring the policy to the trust.     C) She avoided all gift tax liability on the insurance policy by transferring it into the trust.     D) She will maintain control over the policy even though it is transferred to the trust.

Question #59 of 85   Question ID: 1251855 Your client is terminally ill. Her potential gross estate, valued at $12.9 million, includes the following assets: A life insurance policy on her life, with a death benefit of $500,000; her deceased husband is the named beneficiary A general power of appointment (valued at $500,000) over the assets of a trust established by her husband; her children are the designated remaindermen of the trust A $500,000 retained life estate in the family residence Your client also expects to receive a $500,000 bequest within the next four months from her deceased sister's estate; the client's children are the contingent beneficiaries of the bequest. Your client would like to transfer a portion of her estate to her two children while she is alive to reduce her potential estate tax liability to the greatest extent possible. Which one of the following exclusion techniques would be the most appropriate to reduce the value of your client's potential gross…

D Question 34 Vivian is a college student with auto liability limits of 100/300/100. She also has a $1,000,000 umbrella policy. Assuming Vivian's auto limits meet the underlying insurance requirements for the umbrella policy, answer the following: Vivian was rushing home from work last week so that she wouldn't miss Game of Thrones. Right before she pulled into the parking garage, she side-swiped another car (the other car did not have insurance). Vivian was deemed to be at-fault and the other driver sustained $150,000 worth of medical expenses. The other car had damage of $150,000. How much, if any, will Vivian's umbrella policy pay out for this accident? Jannet Format Tools Table

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Question #39 of 85   Question ID: 1251813 Samuel has a $5 million gross estate. His solely owned business is his major asset. All of his other assets are also solely owned. Samuel has never married, but does have two children. His financial advisor has suggested that Samuel title all of his assets in some form of will substitute to avoid the costs of probate, which are very high in Samuel 's state. Which of the following expenses could Samuel avoid by following his advisor's advice? A personal representative's fee The premium on a surety bond for the personal representative Appraisal fees to value estate assets Federal estate taxes     A) II and III     B) I and IV     C) I and II     D) III and IV