I will need 2 responses to the following 2 discussion board posts. (see attached)

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xelb2019

Business Finance

Regent University

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I will need 2 responses to the following 2 discussion board posts. (see attached)

Original prompt from the discussion board - Utilizing the concepts from the readings from this week, post a message that explains, from your perspective, how an entrepreneur who has amassed a ten million dollar estate consisting of both personal and real property should protect her property while living and yet ensure that the estate is passed on to her heirs. Include a biblical perspective on (or biblical principles regarding) asset management.

Text from the week -

  1. Liuzzo, A. L., & Hughes, R. C. (2019). Essentials of Business Law (10th ed.). New York, NY: McGraw Hill Education:
    1. Chapter 16, Transfer of Title;
    2. Chapter 24, Real and Personal Property;
    3. Chapter 25, Bailments;
    4. Chapter 26, Landlord-Tenant Relations;
    5. Chapter 27, Wills, Intestacy, and Trusts; and
  2. Gen. 1:26-30; Psalm 24:1, 115:15-16 (Creation Mandate and Dominion).

For the 2 responses - In addition, learners post a minimum of two responses to peer initial responses. The peer response should include additional research that expands upon one of key points noted in your peers initial response. The peer reply should be composed in a professional manner with a word count range of 150-350 words each.

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Post #1 Clarissa Hodge By amassing a ten-million-dollar estate, our entrepreneur has demonstrated wisdom and business acumen. In order to properly protect her investments and the estate, hopefully, she has surrounded herself with wise mentors and a board of directors, including an attorney and accountant. This board can advise her and make recommendations for the proper management of her assets in the here and now as well as in the future. There are two legal devices that she could utilize to manage her assets: a trust and a will. By setting up a trust, the entrepreneur could benefit from favorable tax benefits now as well as designate a trustee to oversee her assets and dispersion of funds. “One of the benefits of a trust is that it allows the legal title of property to be separated from the benefits of ownership” (Liuzzo and Hughes, 2019, p 447). A “will is a person’s declaration of how he or she wishes property to be distributed upon his or her death” ((Liuzzo and Hughes, 2019, p 442). “A good person leaves an inheritance for their children's children, but a sinner's wealth is stored up for the righteous” (Proverbs 13:22, New International Version). With this sizable estate, it is crucial that a succession-plan be implemented, and future leaders be identified, evaluated and developed. “The importance of leadership changeover and the high failure rate of new leaders suggest that succession planning should not be left to chance” (Hackman and Johnson, 2013, p 402). Finally, successive leaders and heirs need guidance in the area of stewardship. When one has been entrusted by God with talents and resources, he expects them to invest in His kingdom by giving. As Luke12:48b says “From everyone who has been given much, much will be demanded; and from the one who has been entrusted with much, much more will be asked” (NIV). David Pascoe described Christians as “temporary custodians and stewards” which the ultimate foundation of biblical asset management. “Essentially the mission of the Church community and every Christian is that the kingdom of God may come, and the salvation of the human race may be accomplished” (Pascoe, 2013, p 33). Works Referenced: Hackman, M., & Johnson, C. (2013). Leadership A Communication Perspective Sixth Edition. Long Grove, Il: Waveland Press, Inc. Liuzzo, Anthony L. and Hughes, Ruth C. (2019). Essentials of Business Law, Tenth Edition. New York, NY: McGraw-Hill Education. Pascoe, D. (2013). Living as god's stewards: Exploring some theological foundations. Australasian Catholic Record, the, 90(1). Post #2 William Gott As an entrepreneur, amassing a multi-million dollar estate is certainly something to be proud of for you and the one you leave behind. The important part is to make sure your property is protected now and after you have passed away, so that your beneficiaries can enjoy this accomplishment as well. The woman in question has both real and personal property. The difference between the two is real property consists of land and anything attached to it, while personal property is the tangible and intangible property other than lan (Liuzzo, 2019, p.248). When it comes to estate planning, there are two common ways to protect your property. You can have living trusts or wills, or you could utilize both. A trust is more common while you are still living. A trust is a legal entity that owns the property and assets you place in it. You name a trustee (often yourself during your lifetime, so you will also need a successor trustee) and then impose terms of your choosing on the trust's management of those assets. (Reeves 2017) A will, which most people are more familiar, is used after a loved one passes away and ensures the correct people get possession of property. A Will is a “written document outlining your choices about who will receive your property you own only in your name and how it will be divided when you die. If you have children under the age of 18, you can also name someone to be their guardian in your Will.” (D.C. Bar 2016). When writing a will you must be of sound mind, be in the presence of two adult witnesses, and finally sign your will. Any of these two options would suffice for the entrepreneur to protect her property long after she is gone. Looking back on our faith as guidance, the book of Numbers gives a verse passing on our land to others. “And you shall take possession of the land and settle in it, for I have given the land to you to possess it. You shall inherit the land by lot according to your clans. To a large tribe you shall give a large inheritance, and to a small tribe you shall give a small inheritance. Wherever the lot falls for anyone, that shall be his. According to the tribes of your fathers, you shall inherit.” (Numbers 33:53-54 NIV) Liuzzo, A. L. (2019). Essentials of Business Law (10th ed.). New York, NY: McGraw Hill. Reeves, J. (2017, January 01). Estate Planning: Wills, Trusts and Other Tools. Retrieved March 27, 2019, from https://www.aarp.org/money/budgeting-saving/info2016/the-ultimate-guide-to-estate-planning.html Washington DC. (2016, July 15). Retrieved March 27, 2019, from https://www.lawhelp.org/dc/resource/frequently-asked-questions-about-wills
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Running head: PROTECTION OF ASSETS

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Protection of Assets
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PROTECTION OF ASSETS

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Response to Clarissa Hodge
Hello Clarissa Hodge, as you pointed out that there are two legal ways in which the
owner of the ten-million-dollar estate can manage her asset, I also think will and trust are
significant factors for consideration. In most cases, as pointed out in your post, a trust will in
most cases help the entrepreneur...


Anonymous
Excellent! Definitely coming back for more study materials.

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