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Fundamentals Of Financial Planning 3rd Edition Michael A Dalton, Joseph Gillice - Solutions
List the three most common sources of an individual’s retirement income.
How is the WRR calculated utilizing the budgeting approach?
How is the WRR calculated utilizing the top-down approach?
List the two alternative methods for calculating an individual’s wage replacement ratio.
Describe why a person may or may not need the same wage replacement percentage dollar amount or purchasing power amount throughout their entire retirement period.
What is the most common estimate range (in percentage terms) for the wage replacement ratio?
Define the wage replacement ratio.
List some of the common factors that decrease an individual’s retirement income needs.
List some of the common factors that increase an individual’s retirement income needs.
Why do an individual’s needs increase or decrease during retirement?
How is inflation relevant to a retirement plan?
Explain the importance of understanding investment decisions and their consequences in retirement planning.
Explain the importance of beginning a retirement savings plan early.
List the major savings and investment concepts that are important to retirement planning.
Explain the work life expectancy/retirement life expectancy dilemma.
What is the median retirement age for individuals in the U.S.?
Define retirement life expectancy.
Define work life expectancy.
List the major factors affecting retirement planning.
Discuss the various methods for sensitivity analysis as it is applied to capital needs analysis.
Calculate the capital needs analysis using a purchasing power approach.
Calculate the capital needs analysis using a capital preservation approach.
Calculate the capital needs analysis using an annuity approach.
Identify the various sources of retirement income.
Distinguish between the top down and the bottom up approaches to determining the wage replacement ratio.
Identify the costs that may decrease and those that may increase from pre-retirement to retirement.
Compare two of the common approaches to managing withdrawals.
Explain the impact of inflation on purchasing power.
Explain why saving early is usually better than saving later.
Draw the exponential graph representing the required investment assets as a percent of gross pay at various ages to age 65.
Identify the factors affecting retirement planning.
Prepare a closing engagement letter that includes the responsibility for implementation and monitoring.
Make a presentation to the client using current and projected financial statements and ratios.
Prepare the strategic approach.
Prepare the cash flow approach.
Prepare the two-step, three panel, metrics approach with schedules.
Prepare each of the ratios and compare them to the benchmark.
Prepare financial statement analysis using a ratio analysis approach.
Create the pie chart approach.
Gather internal and external data and prepare financial statements.
Prepare a comprehensive engagement letter.
Describe an initial meeting and summarize data and draw conclusions for the lifecycle approach.
A windfall recipient, in addition to often being ecstatic, has a lot of work to do to help ensure that the unexpected wealth is not squandered.a. Trueb. False
Clients only need savings equal to 3 to 6 months of income as an emergency fund.a. Trueb. False
Explain the recommendations for a windfall recipient.
Explain the general rule of thumb regarding the amount of money neces- sary for an emergency fund.
All property must pass through probate.a. Trueb. False
The Defense of Marriage Act defines what a marriage is for federal law.a. Trueb. False
Traditional marriage has been on the rise over the last decade.a. Trueb. False
Identify the four ways property passes to heirs or legatees.
Explain how the Defense of Marriage Act impacts federal law with respect to the definition of marriage.
Explain what is meant by non-tradi- tional household.
In addition to the recommendations for a terminally ill person, the financial planner should consider the emotional issues.a. Trueb. False
One of the common mistakes that are made in a divorce is to not identify the types of property, such as separate or inherited property.a. Trueb. False
There are few steps that need to be undertaken with a client who is going through a divorce.a. Trueb. False
Prepare a closing engagement letter that includes the responsibility for implementation and monitoring.
Make a presentation to the client using current and projected financial statements and ratios.
Prepare the present value of all goals approach.
Prepare the strategic approach.
Prepare the tax analysis approach.
Prepare the cash flow approach.
Prepare the two-step, three panel, metrics approach with schedules.
Prepare each of the ratios and compare them to the benchmark.
Prepare financial statement analysis using a ratio analysis approach.
Create the pie chart approach.
Gather internal and external data and prepare financial statements.
Prepare a comprehensive engagement letter.
Describe an initial meeting and summarize data and draw conclusions for the lifecycle approach.
Some studies have suggested that up to 70% of lottery winners lose their winnings within as short as a seven-year period. What are some of the reasons that might cause this or cause others who have come into a wind fall to lose it?a. Some will invest in businesses without requisite knowledge or
Terminal illness can be devastating for a family. Which of the following is not correct?• The emotional issues are not relevant to the financial advisor.• Estate documents should be reviewed and updated as necessary.• Funeral arrangements should be considered.• Titling of property should be
Divorce is a very emotional time for those who are going through it and assistance from a financial advisor is generally helpful. Which of the following are common mistakes that are made by those going through divorce?• Obtaining individual credit.• Establishing the tax basis of assets that are
The statement, “Adam is a very pleasant young man who is interested in animals and is generally skilled with computers” might be found in what document?• Family trust or third party trust.• A will.• A letter of intent.• A dossier.
‘Trusts are a general tool that are beneficial in many financial planning situations. Many trust benefits, such as asset protection and control, are appropriate considerations for a family with a special needs person. Which of the following is generally correct regarding special needs trusts?•
Trusts are a general tool that are beneficial in many financial planning situations. Many trust benefits, such as asset protection and control, are appropriate considerations for a family with a special needs person. Which of the following is not generally associated with planning for a special
Providing a good home and maintaining a family is challenging enough without a special needs dependent. However, it becomes much more complicated with a child who is disabled or who has special needs. Which of the following is not correct?• A parent or guardian should attempt to provide a good
Approximately how any families are raising one or more children with a disability?• Less than half a million.• Between half a million and a million• Between a million and 2 million• More than two million.
Which of the following is not an example of a special needs situation?• Planning for Candice, who has a daughter that is autistic.• Planning for the Smith family with three boys ages 2, 3 and 4.• Planning for Sam and Pat, who live together but are not married.• Planning for Joe the plumber,
What are the general recommendations for someone who has a financial windfall, such as winning the lottery or received a substantial inheritance?
How many months of income is the recommended amount to be accumulated as an emergency fund?
What are the four ways property can transfer at death?
Why is it important to understand federal and state law regarding the definition of marriage?
What are the trends regarding married status in the United States?
What are the recommendations for someone with a terminal illness?
What are some of the common mistakes that are made in a divorce?
List the recommendations for divorcing couples.
List several topics that might be included ina l etter of intent.
What are some of the requirement for a special needs trust under 42 U.S.C. Sec.1396p(d)(4)(A)?
Describe a third party special needs trust.
What are the three types of special needs trusts?
What are some of the tasks that should be completed by a caretaker of a special need dependent?
Where can parents or guardians obtain information about benefits for special needs dependents?
What are some of the important concerns of a parent or guardian regarding a special needs dependent?
How prevalent are special needs dependents?
List six special circumstances outside a normal financial planning engagement.
List the recommendations for a termi- nally ill planning situation.
Identify the common mistakes that are made in a divorce.
Identify the recommendations for cou- ples that are going through a divorce.
One of the key elements to a letter of intent is medical history.a. Trueb. False
The three types of special needs trusts identified in the chapter are the Third Party SNT, the SNT created from the Omnibus Budget Reconciliation Act of 1993 and the Pooled Trust.a. Trueb. False
A special needs trust allows family members to provide for a special needs person without adversely effecting gov- ernment benefits.a. Trueb. False
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