Every client brings a unique set of circumstances to the table, which a paralegal as part of
Question:
Every client brings a unique set of circumstances to the table, which a paralegal as part of the estate-planning team must help analyze. This assignment, you will be given a set of stories and asked to identify a type of specialized trust that would be appropriate in the situation.
Scenario A
Samantha Asher, a wealthy client, tells you she would like to leave the bulk of her fortune to her two dogs, Charlotte and Ellis.
Scenario B
Joe Rennels is terminally ill. He would like to leave his estate to his mother, Betty Rennels. Betty suffers from Parkinson's disease and lives in a nursing home. Joe never married and has no children.
Scenario C
Bob Kelley, a successful businessman, wants to set up a will. His goal is to pass the principal of his investments to his adult children, Debra and Robert, but he wants his wife, Alice, to have income from the investments for the rest of her life.
Instructions
- Review each scenario.
- Which type of specialized trust or trusts is appropriate for the scenario?
- What is the rationale for your selection?
- Be sure to read others' posts and respond to at least two posts by adding clarification, asking questions, or contributing constructively to the discussion. Consider the following questions:
- Have you ever known anyone who was a beneficiary of a trust?
- Have you experienced a situation where a trust would have helped avoid a problem after someone's death? What type of trust would have helped the situation?
- You've discussed the benefits of trusts. What are some potential drawbacks when trusts are included in estate planning?
- Explain what a trust is and its specialized applications in Wisconsin.
Fundamental Managerial Accounting Concepts
ISBN: 978-1259569197
8th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Olds