George Reed, 48 and a widower, and Debbie Moore, 44 and previously divorced, were married five years ago. There are children from their prior marriages, two children for George and one child for Debbie. The couple’s estate is valued at $1.4 million, including a house valued at $475,000, a vacation home at the beach, investments, antique furniture that has been in Debbie’s family for many years, and jewelry belonging to George’s first wife. Discuss how they could use trusts as part of their estate planning, and suggest some other ideas for them to consider when preparing their wills and related documents.
Answer to relevant QuestionsWhat is a standard of living? What factors affect the quality of life?What types of financial planning concerns does a complete set of financial plans cover?What is inflation, and why should it be a concern in financial planning?1. What important career factors should Zack consider when evaluating his options?2. What important personal factors should Zack consider when deciding among his career options?3. What recommendations would you give Zack in ...Use Worksheet 15.2. When Russell Hypes died unmarried in 2012, he left an estate valued at $7,850,000. His trust directed distribution as follows: $20,000 to the local hospital, $160,000 to his alma mater, and the remainder ...
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