Mrs. Ewachniuk had a son and two daughters. In 2006 at the age of 90 she died leaving a $2 million estate. In 2004 she had changed her will and left everything to her son. He had once practiced law and drew up the will for her and had it executed. Prior to this she had left her estate to be divided equally between her three children. The two daughters brought this action challenging the will. What would be the basis of their argument and the likely outcome? Would your answer be any different with the knowledge that the son had been responsible for preserving the family fortune from serious tax problems back in the 1960, and it was this fortune that had supported Mrs. Ewachniuk and her deceased husband over the years? There was no evidence of anything happening in the years imme-diately prior to the changed will that would have given her a reason to change it.   in this question can you please help me finding the arguements from both sides and also 5 points for risk mitigation( how this situation can be avoided).

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Accounting

Mrs. Ewachniuk had a son and two daughters. In 2006 at the age of 90 she died leaving a $2 million estate. In 2004 she had changed her will and left everything to her son. He had once practiced law and drew up the will for her and had it executed. Prior to this she had left her estate to be divided equally between her three children. The two daughters brought this action challenging the will. What would be the basis of their argument and the likely outcome? Would your answer be any different with the knowledge that the son had been responsible for preserving the family fortune from serious tax problems back in the 1960, and it was this fortune that had supported Mrs. Ewachniuk and her deceased husband over the years? There was no evidence of anything happening in the years imme-diately prior to the changed will that would have given her a reason to change it.

 

in this question can you please help me finding the arguements from both sides and also 5 points for risk mitigation( how this situation can be avoided).

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Reasons for Estate Planning
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education