Need help with ACC317 Advanced Federal Taxation

timer Asked: Dec 1st, 2015
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Question Description

"Estate Planning" Please respond to the following:

  • Explain the key benefits of estate planning. Provide at least one (1) scenario to show the impact that improper estate planning can have on family members.
  • Determine the financial impact to family members when proper estate planning has been done. Provide a rationale for your response.

Tutor Answer

School: New York University

Thank you for the opportunity to help you with your question!

Estate planning is very beneficial because it helps in the preservation of an estate for the benefits of the chosen heirs- Since the estate plan has the name of beneficiaries, it will help prevent conflicts among your family.

It also helps in the reduction of estate taxes by providing a plan for the payment of the estate taxes.

It also helps in the maintenance and control over distributed assets.

Improper estate planning may lead to conflicts among the family members; for instance if a person passes away without any any proper estate planning it may lead to scramble for the person's estates and competition on who manages which estate.

A proper estate planning has a positive impact on family members because each and every person will be responsible for the estate he owns and manages. This will therefore mean competition on who is a good manager since the funds shall have been equally distributed. The family members thus will be able to gain more.

Please let me know if you need any clarification. I'm always happy to answer your questions.

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