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Administration Of Wills/Trusts/ And Estates

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter5: The Last Will And Testament

Section: Chapter Questions

Problem 5RQ

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When did Walt died

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Required information [The following information applies to the questions displayed below.] Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,975. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes Interest on home mortgage Operating expenses of home Depreciation $1,675 5,225 675 1,700 Also, assume that not counting the sole proprietorship, Rita's AGI is $61,250. Assume Rita's consulting business generated $13,425 in gross income for the current year. Further, assume Rita uses the actual expense method for computing her home office expense deduction. a. What is Rita's home office deduction for the current year? Home office deduction
What factors should Beth take into account when considering the appointment of an executor of a will?
Which of the following relatives must live with you the entire year to qualify you for HOH status? Son or daughter, cousin, parent, grandchild or none of the above
None
If a person dies without leaving a valid will, how is the distribution of property regulated?
48. Mr. A, Filipino, married to B with whom he has two children died on February 14, 2018. The inventory of the properties of the spouses show the following: a. House and lot in Manila owned by A before the marriage b. Agricultural land owned by B before the marriage c. Real property acquired during marriage d Family home acquired during mariage e. Personal property acquired during marriage f. Commercial building in Makati inherited by A during marriage from his father who died on February 14, 1987 & Apartment house inherited by B during marriage from her mother who died on February 14, 2003 h Proceeds of life insurance where the estate A was designated as the irrevocable beneficiary i Proceeds of life insurance where B was designated as the irrevocable beneficiary P3,000,000 1,200,000 2,000,000 2,200,000 1,400,000 2,000,000 4,000,000 1,000,000 2,000,000 Deductions claimed by the estate: 1. Legacy given in favour of Philippines government in deccdent's will P300,000 2. Claims against…
Which is not a cause for a valid disinheritance of children or descendants? Parents have abandoned their children The child has been convicted with concubinage with the spouse of the decedent A child by fraud causes the testator to make a will A child has been found guilty of an attempt against the life of the testator
What are some factors that go into calculating life insurance for a client? 0 ☐ Current life insurance death benefit amount (s) if any survivor income and resources Expenses to cover Life expectancy of survivor Life expectancy of contingent beneficiary
Under what circumstances would you consider buying or renting a house?
What is meant by "an individual dies intestate?" Select one: a.That person did create a will before death, but the will neglected to name an executor. b.That person's estate is insufficient to pay all claims against it. c.That person was not certified to be of sound mind before writing their will. d.That person did not create a legal will prior to death. e.That person's estate will automatically pass to the state, and the presumed heirs will get nothing.
in intestacy, what relative of the deceased generally ranks lowest in the hierarchy for the distribution of the estate assets? A. nieces and nephews B. Parents C. childeren D. spouse or common-law partner

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