Grandmother Smith is concerned about having an incapacitating illness that will prevent her from managing her finances. Grandmother Smith should execute a(n): Show Transcribed Text ง Homer is physically unable to sign his will. While he is heavily sedated and sleeping only a few feet away, Athena signs the will for him in the presence of a few friends. The next morning, Homer passes away. Athena wants to probate the will because she is the sole beneficiary. The will is valid.
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- Gertrude is injured at her friend Laura's house when she slips on the wetbathroom floor. Laura is insured with a renters policy. Subject to theapplicable policy limit, all the following would be covered under the policy's"medical payments to others" coverage, EXCEPT a. hospital expenses Gertrude incurs as she is recovering.b. death benefits for Gertrude's husband, if Gertrude dies as a result of herfall.c. funeral expenses for Gertrude if she dies as a result Of her fall.d.surgery expenses for Gertrude if she needs surgery after the fall.It's our last chance to peek into Tarek's financial planning as he prepares for his death. Now that Tarek is married, he wants to make sure that he and his wife have appropriate estate planning documents in place. Right now, neither Tarek nor his wife Samantha have drafted any legal documents. This is a worry for Tarek because he has several wishes he would like carried out should he die or become incapacitated. For example, if he were to die, he would like to be buried in his hometown, which is in another state. Also, if he were to be diagnosed as being in a prolonged vegetative state, he would prefer to be removed from all artificial lifesaving measures, except food and water. Additionally, he and Samantha are currently shopping for a new car for her. Tarek is thinking of selling his motorcycle, which is owned fee simple, and using the proceeds as a down payment for the new car. Tarek does not know how to title the new car. Instructions Please answer the following questions for…None
- Henry wants to establish a trust for his financially challenged adult daughter. He wants to contribute annually to the trust, but his daughter would receive only the trust income. The remainder would go to his grandchildren (her children) at her death. Henry wants the daughter to receive all the earnings from the trust with no restrictions. He realizes that she will probably just squander the money she receives but wants to otherwise protect her from her creditors. Which of the following trusts would you recommend Henry establish for the benefit of his daughter? A) An irrevocable trust, including spendthrift provisions B) A Section 2503(b) trust C) A Section 2503(c) trust D) A support trustFrançois, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and…Ann, who is age 22, just returned to the work force last week after giving birth to twins. She has limited disposable income. She is healthy now but her family history indicates the incidence of stroke. She would like some insurance coverage for her children’s education in the event of her death. What kind of plan would you recommend to Cindy?
- Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans had the following receipts: Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and child supportthe alimony payments were to terminate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred 90,000 to her in settlement of the personal injuries she sustained. The Deans had the following expenditures for 2018: The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded from coverage under her employers pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution. The Deans household includes the following, for whom they provide more than half of the support: Penny graduated from high school on May 9, 2018, and is undecided about college. During 2018, she earned 8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wandas widower father who died on December 20, 2017. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is 4,200 (Lance) and 2,100 (Wanda). The proper amount of Social Security and Medicare tax was withheld. Determine the Federal income tax for 2018 for the Deans on a joint return by completing the appropriate forms. They do not want to contribute to the Presidential Election Campaign Fund. All members of the family had health care coverage for all of 2018. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax Online.Lanny and Shirley divorced in 2018 and do not live together. Shirley has custody of their child, Art, and Lanny pays Shirley $23,000 per year. All property was divided equally.113
- Sharon is a 60-year-old female who has recently become the legal guardian and sole caretaker of her three-year-old grandson. Ideally, she would like to purchase permanent insurance coverage, but her primary concern is making sure her grandson will be taken care of financially if she dies before he begins college. Given her current financial situation, she is interested in a term life insurance policy that will last 15 years. Sharon goes to an insurance broker to purchase a policy and is shown the following two rate tables to help her choose between annual renewable and level premium term life insurance. Yearly Rates on Term Life Insurance Policies Annual Renewable Term Life Rates Policy Year Age 25 Age 40 Age 60 1 $119 $139 $252 5 $147 $219 $562 15 $176 $507 $1,313 20 $259 $1,054 $2,989 Total Cost 5 Years: $625 $897 $2,100 Total Cost 15 Years: $2,135 $6,205 $11,987 Total Cost 20 Years: $3,777 $8,287 $22,346 Level Premium Term Life…Krista and Landor are new parents. They have a two-month-old baby girl and they are considering expanding their family in the future. They have purchased life insurance with a child coverage rider in the amount of $5,000. Unfortunately, their baby girl becomes gravely ill and passes away. How will the insurer deal with their death claim relating to the child coverage rider? Select one: a. b. The insurer will pay the claim for the full amount. The insurer will pay a claim for only half of the full amount to keep the child coverage rider in force for the next child. c. The insurer will deny the claim as Krista and Landon did not purchase accidental death insurance for theirFrançois, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and…