3. Prepare an estate tax return for Benny as of the end of the current year after any recommended transfers. Assume he dies on December 31 of the current year. Assume the combined last medical and funeral costs are $100,000 and the estate administration cost is $150,000.
GOALS: PREPARE A PROPER ESTATE PLAN 1. Minimize estate 2. Fund college education for the five grandchildren. 3. Set up a special needs trust for Ivan's future needs. 4. Ensure that the vacation home is a permanent family home for children and grandchil dren 5. Keep 100 percent of business interests in the family. 6. Maintain control of the business until retirement at which time James and Joe will take over. 7. Transfer an additional $2 million to the Wounded Warrior Project some time in the future FINANCIAL STATEMENTS Balance Sheet ASSETS Cash Cash Equivalents IT Checking and Swing Total Cacahui $100,000 $1,000,000 LIABILITIES AND NET WORTH Liabilities Cum liahilities IT Credit Card Total Current Liabilities Invested Act JT Market Securities IT Business Interese H4015) Man IT in Real Estate Talle $600.000 6.000.000 1.250,000 3.000.000 S162500D Long Term L ilities IT Morge Primary Total Long-Term Liabilities $1.000000 $1.000.000 Toual Liabilities SL.100.000 $200000 1.500.000 Penal Us IT Primary Residence IT Van Home ITA TT HP HLE Total P al Net Worth 500.000 200.000 Tous $21.550,000 Total Liabilities and Net Worth GOALS: PREPARE A PROPER ESTATE PLAN 1. Minimize estate 2. Fund college education for the five grandchildren. 3. Set up a special needs trust for Ivan's future needs. 4. Ensure that the vacation home is a permanent family home for children and grandchil dren 5. Keep 100 percent of business interests in the family. 6. Maintain control of the business until retirement at which time James and Joe will take over. 7. Transfer an additional $2 million to the Wounded Warrior Project some time in the future FINANCIAL STATEMENTS Balance Sheet ASSETS Cash Cash Equivalents IT Checking and Swing Total Cacahui $100,000 $1,000,000 LIABILITIES AND NET WORTH Liabilities Cum liahilities IT Credit Card Total Current Liabilities Invested Act JT Market Securities IT Business Interese H4015) Man IT in Real Estate Talle $600.000 6.000.000 1.250,000 3.000.000 S162500D Long Term L ilities IT Morge Primary Total Long-Term Liabilities $1.000000 $1.000.000 Toual Liabilities SL.100.000 $200000 1.500.000 Penal Us IT Primary Residence IT Van Home ITA TT HP HLE Total P al Net Worth 500.000 200.000 Tous $21.550,000 Total Liabilities and Net Worth
