True
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Once a person moves to a country and reside there for many years then they acquire a new domicile. This is known as Domicile of Choice.
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- Sharon Sutherland owned a home in Toronto, Ontario, a ski chalet in Whistler, British Columbia, and a condominium in Florida, U.S., until June 15, 2022, when she sold all three properties and moved into a seniors’ residence. She provides the following information with respect to the properties:Evaluate the impact of demographic changes within the United KingdomFinance A sales associate was issued by his initial Florida sales associate license last year. The sales associate wants to become licensed as a real estate broker. To be eligible for a brokers license, he must?
- Jamie Lee and Ross have been hearing many stories recently about acquaintances that are passing away without leaving a will, which made Jamie Lee and Ross anxious to review their estate plan with an attorney. They do not want to think about eventually passing on, but they know it is an essential part to careful financial planning. It was suggested that they assemble all of their legal documents in a place where their heirs would be able to access them if necessary. What documents would you suggest that Jamie Lee and Ross make accessible?Under what circumstances does an estate have an executor? Select one: a.When the estate exceeds the dollar amount of the estate tax exemption. b.When the will establishes a trust fund. c.When there is no valid will. d.When the will is contested. e.When the will names a specific person to administer the estate.What is the maximum time an aggrieved person has to apply to the Real Estate Recovery Fund after final judgement a. 1 year b. 2 years c. 3 years. d. 5 years
- Which of the following techniques is commonly used in estate planning to minimize estate taxes? A) Gifting assets to family members shortly before death B) Establishing a trust for beneficiaries C) Transferring assets into a taxable brokerage account D) Not creating a will or estate planProvide an explanation of the current federal estate tax law. Create a brief scenario using a hypothetical client who may need estate tax planning services soon. Provide a rationale for your responses.Use the following information. When "trading up," it is preferable to sell your old house before buying your new house because that allows you to use the proceeds from selling your old house to buy your new house. When circumstances do not allow this, the homeowner can take out a bridge loan.Tina and Mike have sold their house, but they will not get the proceeds from the sale for an estimated 4 months. The owner of the house they want to buy will not hold the house that long. Tina and Mike have two choices: let their dream house go or take out a bridge loan. The bridge loan would be for $93,000, at 8.5% simple interest, due in 120 days. (Round your answers to the nearest cent.) a) How big of a check would they have to write in 120 days? b) How much interest would they pay for this loan?
- the qualified tuition program now includes ________ as qualified education expensesBonnie and Clyde jointly own their own home when Clyde defaults on credit card debt. To determine if Clyde is insolvent, how will the home play into the calculation?Your client and his wife plan to purchase a new home. They want a form of property ownership that: will transfer title at death outside the probate process; will allow each spouse, while alive, to have a vested one-half interest in the property; guarantees that the surviving spouse will receive the property when the other spouse dies; and allows lifetime disposition by one spouse of their property interest without requiring the consent of the other spouse. Assuming that all the forms of ownership below are available in the state where the property is located, what is the form of titling that will best achieve all of their objectives? A) Community property B) Tenancy by the entirety C) Joint tenants with right of survivorship D) Tenants in common
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