As his attorney, your client, Ernie Entrepreneur, now seeks your advice on estate planning Ernie has...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
As his attorney, your client, Ernie Entrepreneur, now seeks your advice on estate planning Ernie has been operating his business successfully now for about two years, and is concerned as to what will happen to the business and to his personal assets were he to dic. Ernie has a spouse and a one year old son, Ernie Jr. If Ernie, Sr., were to die, can he provide continuation of the business for the benefit of his workers, etc.? Would his spouse and son be provided for from the business? What about the business loans? Who would have to pay them? What if both Ernie and his spouse die simultaneously, leaving their minor son? Who would be legally responsible and provide for him? Please advise your client as to the following 1. Wills 2. Trusts 3. Powers of Attorney 4. Administration of Estates 5. Business succession options What additional information would you need from your client to properly advise him? Please submit to Professor Beier by the due date, your recommendation for your client, Ernie Entrepreneur. Be Complete!!!! As his attorney, your client, Ernie Entrepreneur, now seeks your advice on estate planning Ernie has been operating his business successfully now for about two years, and is concerned as to what will happen to the business and to his personal assets were he to dic. Ernie has a spouse and a one year old son, Ernie Jr. If Ernie, Sr., were to die, can he provide continuation of the business for the benefit of his workers, etc.? Would his spouse and son be provided for from the business? What about the business loans? Who would have to pay them? What if both Ernie and his spouse die simultaneously, leaving their minor son? Who would be legally responsible and provide for him? Please advise your client as to the following 1. Wills 2. Trusts 3. Powers of Attorney 4. Administration of Estates 5. Business succession options What additional information would you need from your client to properly advise him? Please submit to Professor Beier by the due date, your recommendation for your client, Ernie Entrepreneur. Be Complete!!!!
Expert Answer:
Answer rating: 100% (QA)
The road to entrepreneurship is often a treacherous one filled with unexpected detours roadblocks and dead ends There are lots of sleepless nights plans that dont work out funding that doesnt come thr... View the full answer
Related Book For
Personal Finance Turning Money into Wealth
ISBN: 978-0134730363
8th edition
Authors: Arthur J. Keown
Posted Date:
Students also viewed these computer network questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Find the magnitude and direction of the electric field strength at the point P due to the point charges at A and B as shown in the Figure 1. (k = 9 x 10 Nm/C) +2 C 10 cm A 10 cm Figure 1 B -8 C (5...
-
Cindy Havana is a vice president of financial for Captain Wesleys Restaurant, a chain of 12 restaurants on the East Coast, including 5 restaurants in Florida. The company is considering a plan...
-
Neptune Company produces toys and other items for use in bench and resort areas. A small, inflatable toy has come into the market that the company is anxious to produce and sell. The new sell for $3...
-
Identify the grounds for a demurrer.
-
1. How does the information technology development for video-based businesses differ from traditional businesses? 2. What challenges do these types of companies face in relation to the rapid changes...
-
Evaluate (2) n=2 1 n(ln n)
-
Wildcat Sporting Goods (WSG) sells athletic shoes and trendy sports apparel to a variety of sporting goods stores in the Northeast and, in 2011, WSG also began direct Internet sales to consumers....
-
The equilibrium price for parking in the downtown area of a large city is about $35 a day, this is represented by Pe in the graph above. The city council is looking at ways to resolve parking...
-
Write log3 (81y) as a sum.
-
Be sure your stirring rod is washed and dried. Stir well. This is your starting citric acid solution. You will need to calculate the molarity of this citric acid solution and use that to standardize...
-
In September 2020, the Federal Reserve (Fed) indicated that it expected interest rates to stay near zero until at least 2023. Then in March 2022, the Fed started raising interest rates and did so...
-
C) 4. Write a java program that ask a user to enter a grade then it determines whether it's a pass or fail. Test Data: Pass is 40 and above Fail is less than 40 Enter your grade: 40 or 20 Expected...
-
MTP Ltd is a newly established firm in Tanzania which produces and sells Mango juice all over the country. The directors of the company are planning to expand the company capacity by opening another...
-
5. Convert the following circuit to an equation. Write the equation (one line) as compilable Vivado code that you would enter in the ARCHITECTURE portion of your model file. (12 pts) A B
-
Draw a Feynman diagram for the reaction n + v p + .
-
Sarah Wiggum would like to make a single investment and have $2 million at the time of her retirement in 35 years. She has found a mutual fund that will earn 4 percent annually. How much will Sarah...
-
Explain how your financial situation is related to your career aspirations.
-
Calculate the future value of $5,000 earning 5 percent after 1 year, assuming annual compounding. Now, calculate the future value of $5,000 earning 5 percent after 20 years
-
The equations of motion of a two-degree-of-freedom system are given by where \(F_{1}(t)\) denotes a rectangular pulse of magnitude 5 acting over \(0 \leq t \leq 2\). Find the solution of the...
-
Find the response of a simple pendulum numerically by solving the linearized equation: \[\ddot{\theta}+\frac{g}{l} \theta=0\] with \(\frac{g}{l}=0.01\) and plot the response, \(\theta(t)\), for \(0...
-
Find the response of a simple pendulum numerically by solving the exact equation: \[\ddot{\theta}+\frac{g}{l} \sin \theta=0\] with \(\frac{g}{l}=0.01\) and plot the response, \(\theta(t)\), for \(0...
Study smarter with the SolutionInn App