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 Survivor

Anonymous
timer Asked: Apr 8th, 2018
account_balance_wallet $20

Question description

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 transfer-tax system
  • What is considered part of the estate
  • How much is excluded from taxation based on current legislation
  • Gross estate versus adjusted gross estate

450 words

Tutor Answer

Tutor_Booth
School: UCLA

Attached.

Running head: ESTATE TAX

1

Estate Tax
Student’s Name
Institution
Date

ESTATE TAX

2

Introduction

To be able to explain clearly to Mr. and Mrs. Ybarra about that the beneficiaries they
choose may end up getting a quarter of what they expect, There is need to give details of what a
careful estate tax planning entails and its impacts to their heir when they both pass on.

Transfer Tax System

Transfer tax basically is the transaction fee calculated on the transfer of ownership for
assets such as real estates, car, land, bonds or shares to another person. For this to be imposed the
state registration of the transfer legal requirement should be typically met. In the United States, it...

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Review

Anonymous
Outstanding Job!!!!

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