estate is CORRECT? A cash flow plan for an estate should be flexible enough to account for unexpected expenses. A cash flow plan for an estate should indicate when the estate's cash inflows and outflows are expected to occur. In developing a cash flow plan, an executor should explore possible ways of reducing the estate's cash needs.

Q: What is the alternate date for valuing the assets of an estate? When should this alternate date be…

A: The alternate date for valuing the assets of an estate is the date after six months from the date of…

Q: Which of the following expenditures resulting from a trust’s ownership of commercial real estate…

A: Expenditures for any organisation or trust can be classified into two types. They are,  1. Capital…

Q: What are savings?   Multiple Choice   Additions or subtractions from debt.   Outlays on household…

A: Saving is the amount set aside for future use. Savings is arise when income of an individuals are…

Q: originally if the account owner.did not specify an investment account contributions into a tsp were…

A: Certainly! Let's go step-by-step to understand the evolution of the default investment fund in the…

Q: What is the process of abatement? Select one: a.The establishment of how the creditors will be…

A: An abatement is a reduction or an exemption on the level of taxation faced by an individual or…

Q: For the following definitions, indicate the type of trust being described by selecting the correct…

A: Blind Trust Life Insurance Trust Living (revocable) Trust Trust for minors

Q: how do i calculate the goodwill and the charitable contribution?

A: Charitable contribution is the contribution which has been made by the company during the year and…

Q: What are capital expenditures?   Multiple Choice   Additions or subtractions from debt.   Outlays…

A: Capital expenditures refer to expenditures made on fixed assets that provide long-term benefits to…

Q: Cash Patient receivable Patient revenue Salary and wage expense Salaries Payable Employee Benefit…

A: To create a statement of revenue, cost, and change in Fund net position, the provided data has to be…

Q: Explain the distinction/s between custodial funds and trust funds. What financial statements…

A:

Q: As the manager of a nonprofit organization please list five policies that you can implement to…

A: A nonprofit organization, also known as a not-for-profit organization, is a legal entity formed for…

Q: Donations in cash are easy to measure. What is the treatment that not-for-profit organizations use…

A: Not-for-profit organizations (NPOs) are organizations that are established for purposes other than…

Q: Which of the following correctly describe a role played by a member of the estate planning team?…

A: Solution:- Estate planning means all the procedure to sell assets of a person in event of his death.

Q: Which of the following would be considered a general capital asset? Select one: a. Real estate…

A: Example of general Capital assets includes improvements to land, easements, buildings, building…

Q: What is the difference between a testamentary trust and an inter vivos trust? Multiple Choice A…

A: Inter vivos (living) trusts is created when an individual is still alive in order to name the…

Q: A donor pledges money to the organization but has not paid it yet. The donor does not indicate how…

A: This will be regarded as an increase in net assets without any restrictions from the donor as the…

Q: you will account for the sale of personal property of the Estate under which fund:

A: Requirement 1:   Answer:   Private purpose trust fund.   Explanation:   A private purpose trust fund…

Q: Please describe a special revenue fund you find particularly beneficial.

A: A special revenue fund is a govt account that gathers money for a specific project. Special revenue…

Q: How should a nongovernmental, not-for-profit organization report contributions without donor‘s…

A: Contributions without donor's restriction are unrestricted funds that the organization can use for…

Q: Does a credit balance in the fund balance account(s) at the end of the year necessarily mean the…

A: In case if in the fund balance accounts, there is a credit balance then it doesn't mean that the…

Q: Money accumulated in excess of funds required to secure life's necessities, which may be used for…

A: Managing Particular finances involves  icing that one's income is allocated effectively to cover…

Q: What happens if a business use the owner's personal fund to pay for expenses?

A: It does happens sometimes that the owner pays for the expenses from his personal fund under certain…

Q: Explain briefly the difference between a charitable contribution deduction consisting of (i) either…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that…

Q: In the initial accounting for an estate, why does the executor record only the assets?

A: Estate: Estate consists of the net worth of the individual. It includes all the land possession,…

Q: Accounting: type question:, An expenditure is capital expenditure because A. the amount is paid in…

A: Lets understand the basics.Costs are divided into mainly two segments which are,(1) Revenue…

Q: Describe the usefulness of a discretionary intervivos trust when used as part of an estate freeze.

A: A discretionary intervivos trust (DIT) can be a useful tool when used as part of an estate freeze.…

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.