¶ … planning can be described as the process through which a person or family organizes to reassign assets in expectation of death. This process is geared towards safeguarding the maximum amount of wealth possible for the identified beneficiaries and elasticity for the person before death. During the process of developing an estate plan, one of the main concerns for drafters of the plan is state and federal tax legislations. In addition to considering federal and state law, the process of drafting an estate plan includes several people such as the family, other relevant individuals, and selected charitable organizations ("Do I Need Estate Planning?" par, 1). Furthermore, estate planning process involves the individual's property or assets and their varying ownership forms and titles. Actually, some of the most common tools used in the process of estate planning include trusts, wills, power of attorney, and estates. While estate planning is used to address a person's future needs if he/she becomes unable to care for him/her self, it has commonly been mistaken that it only involves the writing of a will. Even though a will is part of...
Reduce Tax Liability One of the most important steps in developing an estate plan is identifying the most suitable or right beneficiary for a client's retirement plans. This is primarily because failure to do so generates several consequences because of the resultant financial effects. Actually, the failure to name the right beneficiary for a conventional retirement plan contributes to loss of the "stretch" life expectancy payout for the benefits. Moreover,
Smiths to Minimize Their Total Tax Liability Mr. and Mrs. Smith's concerns about their future income and estate tax bills are important because of their need to engage in tax planning, which can be described as organizing personal financial affairs in order to lessen taxes. In light of their concerns and current situation, there are several recommendations or ways with which the Smiths can reduce their future income and estate
Planning What issues should be considered when a freezing order is issued against your client? A freezing order, of course, is when the assets in question are frozen. This does not change the ownership of the asset but it does deprive the person from moving or harnessing the asset for as long as it's frozen. A frozen bank account is a specific example of this but it can apply to life
Planning Function of Management in an Information Technology Service When we speak of information technology, we usually associate it with advanced tools, systems, state-of-the-art, and automated devices. In developing such technologies, planning is an essential process to ensure the systems' and devices' success. This importance in development planning should be similarly set to management planning in an organization. This paper will discuss how management planning is set in a company, InfoServ,
Members agree to report any breach of the RTPI Code to the Institute, subject to legal restrictions and assist the Institute in any related investigation. Lastly, the Council has the power to discipline members who are in breach of the code, yet this action will only be undertaken if the Council believes is personally responsible for the breach. Does the Code of Conduct Address the Conceptual and Legal Meaning of
Planning Efforts to Reduce Future Disaster Impacts This paper looks at options for programs to be put in place before to a disaster to avoid major and often poorly-managed expenditures after a catastrophe and to offer suitable protection against the risk of those large losses which do occur. It is important for the government to provide programs that enlightens the citizens on how to deal with the hazards that come with
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now