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1 FIN 350 Milestone Two Guidelines and Rubric Overview: For Milestone Two, you will submit a draft of your retirement and tax plans for Jane and John Doe. You will analyze your clients’ retirement assets to determine the viability of their current plans. Then you will make recommendations about potential retirement savings and investment vehicles for the clients, based on their current plans and goals. Following your analysis of your clients’ retirement plans, determine the special tax situations related to their business, and make tax recommendations to help them minimize their tax liability. Prompt: Review the Final Project Case Study document and address the assigned critical elements regarding retirement planning and tax planning. You will act as a financial planner and speak directly to the clients. Research and APA citations should be included to support your recommendations. Specifically, the following critical elements must be addressed: III. Retirement Planning: In this section of the financial plan, you will analyze your clients’ retirement assets to determine the viability of their current plans. Then you will make recommendations about potential retirement savings and investment vehicles for the clients, based on their current plans and goals. A. Analyze the clients’ retirement assets and determine the viability of their plans. In your analysis, be sure to do the following: 1. Discuss the ability of the clients’ retirement assets to meet their needs during retirement. In this instance, assume Mr. Doe will retire at age 66, Mrs. Doe will retire at age 62, and that they invest 50% of the net income annually in savings and that savings grows 5% yearly through retirement. Support your discussion with relevant details. 2. Describe potential changes that may occur within the clients’ expenses as they age in retirement. Support your description with relevant examples. 3. Discuss the impact of an unexpected, monthly healthcare cost of $10,000 on the required minimum after-tax return on the clients’ portfolio. Assume that one of the clients becomes unexpectedly incapacitated and that all other expenses remain constant. 4. Discuss the impact of a significant stock market decline on the clients’ savings and investments regarding retirement income. Support your discussion with specific examples. B. Based on your analysis of the clients’ retirement assets, discuss the advantages and disadvantages of potential retirement savings and investment vehicles for the clients. Support your discussion with specific examples. http://snhu-media.snhu.edu/files/course_repository/undergraduate/fin/fin350/fin350_final_project_case_study.pdf http://snhu-media.snhu.edu/files/course_repository/undergraduate/fin/fin350/fin350_final_project_case_study.pdf 2 IV. Tax Planning: In this section of the financial plan, you will analyze special tax situations related to the clients’ business and make tax recommendations to help them minimize their tax liability. A. Analyze special tax situations relevant to the clients and determine which would be most effective at minimizing their tax liability. In your analysis, be sure to do the following: 1. Discuss the advantages and disadvantages of the clients using the LLC legal structure as it relates to income taxes. 2. Compare the tax implications of potential retirement savings vehicles based on the clients’ financial statements. 3. Discuss the potential tax benefits for the clients of charitable contributions. Support your discussion with specific examples. B. Describe common triggers of AMT and explain how the clients can avoid them. Rubric Guidelines for Submission: Submit assignment as a Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Retirement Planning: Clients’ Retirement Assets Discusses the ability of the clients’ retirement assets to meet their needs during retirement and supports discussion with relevant details Discusses the ability of the clients’ retirement assets to meet their needs during retirement, but discussion is cursory or contains inaccuracies, or supporting details contain inaccuracies, are irrelevant, or are nonexistent Does not discuss the ability of the clients’ retirement assets to meet their needs during retirement 10 Retirement Planning: Clients’ Expenses Describes the potential changes that may occur within the clients’ expenses as they age into retirement and supports description with relevant examples Describes changes that may occur within the clients’ expenses as they age into retirement, but description is cursory or contains inaccuracies, or supporting examples contains inaccuracies, are irrelevant, or are nonexistent Does not describe changes that may occur within the clients’ expenses as they age into retirement 10 Retirement Planning: Unexpected Healthcare Cost Discusses the impact of an unexpected, monthly healthcare cost of $10,000 on the required minimum after-tax return on the clients’ portfolio Discusses the impact of an unexpected, monthly healthcare cost of $10,000 on the required minimum after-tax return on the clients’ portfolio, but discussion is cursory or contains inaccuracies Does not discuss the impact of an unexpected, monthly healthcare cost of $10,000 on the required minimum after- tax return on the clients’ portfolio 10 3 Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Retirement Planning: Stock Market Decline Discusses the impact of a significant stock market decline on the clients’ savings and investments regarding retirement income and supports discussion with specific examples Discusses the impact of a stock market decline on the clients’ savings and investments regarding retirement income, but discussion is cursory or contains inaccuracies, or supporting examples contain inaccuracies, are irrelevant, or are nonexistent Does not discuss the impact of a significant stock market decline on the clients’ savings and investments regarding retirement income 10 Retirement Planning: Advantages and Disadvantages Discusses the advantages and disadvantages of potential retirement savings and investment vehicles for the clients based on the analysis of their retirement assets and supports discussion with specific examples Discusses the advantages and disadvantages of potential retirement savings and investment vehicles for the clients, but discussion is cursory, contains inaccuracies, or is not based upon the retirement assets analysis, or supporting examples contain inaccuracies, are irrelevant, or are nonexistent Does not discuss the advantages and disadvantages of potential retirement savings and investment vehicles for the clients 10 Tax Planning: Advantages and Disadvantages Discusses the advantages and disadvantages of the clients using the LLC legal structure as it relates to income taxes Discusses the advantages and disadvantages of the clients using the LLC legal structure, but discussion is cursory, contains inaccuracies, or is not clearly related to income taxes Does not discuss the advantages and disadvantages of the clients using the LLC legal structure 11 Tax Planning: Tax Implications Compares the tax implications of potential retirement savings vehicles based on the clients’ financial statements Compares the tax implications of potential retirement savings vehicles based on the clients’ financial statements, but comparison is cursory or contains inaccuracies Does not compare the tax implications of potential retirement savings vehicles based on the clients’ financial statements 11 Tax Planning: Potential Tax Benefits Discusses the potential tax benefits for the clients of charitable contributions and supports discussion with specific examples Discusses the potential tax benefits for the clients of charitable contributions, but discussion is cursory or contains inaccuracies, or supporting examples contain inaccuracies, are irrelevant, or are nonexistent Does not discuss the potential tax benefits for the clients of charitable contributions 11 Tax Planning: Common Triggers of AMT Describes common triggers of AMT, explaining how the clients can avoid them Describes triggers of AMT, explaining how the clients can avoid them, but description or explanation is cursory or contains inaccuracies Does not describe triggers of AMT, explaining how the clients can avoid them 11 4 Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 6 Total 100%