Type:IndividualProject Unit: BusinessIncome DueDate: Tue,2/27/18 GradingType:Numeric PointsPossible: 100 PointsEarned: 0 DeliverableLength: 450­wordminimumLibraryResearchAssignment...

1 answer below »
Type:IndividualProject Unit: BusinessIncome DueDate: Tue,2/27/18 GradingType:Numeric PointsPossible: 100 PointsEarned: 0 DeliverableLength: 450­wordminimumLibraryResearchAssignment Mr.andMrs.Ybarra,aretiredcoupleintheirlate70s,comeintomeetwithyou.Theyareveryfriendlyandlivingacomfortableretirementdue,inlargepart,totheoverallsize oftheirestate(nearly$4milliondollarsspreadovermultipleaccounts)andtheirconservativeassetallocation. Asyoubringuptheissueofestateplanning,theythankyouforyourconcern,butexplainthatitisalreadytakencareof.Theygoontoexplainthattheirattorneyhas preparedwillsforbothofthemandalloftheiraccountsaretitledJointlywithRightsofSurvivorship. Therearesurprised,andalittleconfused,whenyoumentionthattheirheirsmightendupreceivingonlyafractionofthoseassetsafterthetwoofthempassaway. IncludethefollowinginyourexplanationtoMr.andMrs.Ybarra: Thetransfer­taxsystem Whatisconsideredpartoftheestate Howmuchisexcludedfromtaxationbasedoncurrentlegislation Grossestateversusadjustedgrossestate Pleasesubmityourassignment. Yourassignmentwillbegradedinaccordancewiththefollowingcriteria.Clickheretoviewthegradingrubric. Forassistancewithyourassignment,pleaseuseyourtext,Webresources,andallcoursematerials.
Answered Same DayFeb 22, 2020

Answer To : Type:IndividualProject Unit: BusinessIncome DueDate: Tue,2/27/18 GradingType:Numeric PointsPossible:...

Pulkit answered on Feb 25 2020
70 Votes
Transfer Tax System-
· Although the attorney has prepared wills for both of them and all of their accounts are t
itled jointly with Rights of Survivorship, the heirs of the survivor might end up receiving only a fraction of those assets after Mr. and Mrs. Yba
a pass away if their estate planning is not properly taken care of. When a property is passed from one person to another a kind of tax is imposed on passing on of title to property, this tax is refe
ed to as transfer tax in the transfer tax system.
· This tax is unlike income tax which is levied each based on the income earned in each year rather this is kind of tax which can just be levied once and that too on the death of a person and recovered from the survivors of that person. This liability arises when there is a legal mandate to get the transfer registered. Transfer of bonds, shares, real estate i.e., land and buildings etc., require registration and the taxes imposed under this system are estate tax, gift tax, sales tax, etc. (Michaelsen, R. H. (1982). A knowledge-based system for individual income and transfer tax planning).
Things considered as part...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here