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

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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.


12:03 PM (CST) Privacy Policy Terms of Use About Our Ads Contact Us © 2018 American InterContinental University.    All Rights Reserved. Authorized Users Only. Unit 4 ­ Individual Project  Assignment Details Assignment Description Library Research Assignment Mr. and Mrs. Ybarra, a retired couple in their late 70s, come in to meet with you. They are very friendly and living a comfortable retirement due, in large part, to the overall size of their estate (nearly $4 million dollars spread over multiple accounts) and their conservative asset allocation. As you bring up the issue of estate planning, they thank you for your concern, but explain that it is already taken care of. They go on to explain that their attorney has prepared wills for both of them and all of their accounts are titled Jointly with Rights of Survivorship. There are surprised, and a little confused, when you mention that their heirs might end up receiving only a fraction of those assets after the two of them pass away. Include the following in your explanation to Mr. and Mrs. Ybarra: The transfer­tax system What is considered part of the estate How much is excluded from taxation based on current legislation Gross estate versus adjusted gross estate Please submit your assignment. Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric. For assistance with your assignment, please use your text, Web resources, and all course materials. Reading Assignment Pope et al., Chapters CO­2, CO­3, CO­9, CO­11 Assignment Objectives Assess the tax consequences of various property transactions Other Information There is no additional information to display at this time. Legend Extra Credit View Assignment Rubric Assignment Overview Type: Individual Project Unit:  Business Income Due Date:  Tue, 2/27/18 Grading Type: Numeric Points Possible:  100 Points Earned:  0 Deliverable Length:  450­word minimum Go To: Assignment Details Learning Materials Reading Assignment My Work: Online Deliverables: Submissions
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
107 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...
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