Question
Please (A) prepare the necessary documents for the following client and (B) prepare a memo regarding any additional advice or items that will need to
Please (A) prepare the necessary documents for the following client and (B) prepare a memo regarding any additional advice or items that will need to be addressed with the client.
I met with new client, Jasmine. Jasmine was married to Aladdin in January of 2012. Aladdin passed away on December 31, 2016 in a magic carpet accident. Jasmine says that Police don't think it was an accident and were questioning her, Genie (Jasmine's ex-husband), and each of her children.
Aladdin had one minor child of his own, Oscar, and there were no children of the marriage. Jasmine has two minor sons, Apu and Momo, from a prior marriage with Genie.Jasmine also has an adopted son, Scar, who is 25. Scar attended the meeting too. Aladdin was also survived by his brothers, Donald and Dusty.
Aladdin had a will that was signed in 2011 where he left all of his assets to his best friend, Simba. The will was handwritten and signed in the presence of one witness, Simba. Simba was also named the personal representative.On his date of death, Aladdin owned the following assets:
-His primary residence located at 123 Disney Dr., Orlando, FL, in his name alone, With a fair market value of $250,000.
-MetLife insurance policy with no beneficiary designation with a pay-out at death of $500,000.
-A joint bank account with Jasmine with a value of $50,000.
-A rental home in North Carolina owned jointly with Jasmine with a value of $250,000.
-A vacation home in North Carolina in his name alone located at 111 Valley View Dr., Wilson, North Carolina with a value of $300,000.
-A bank account in his name alone with a value of $50,000.
-A magic carpet collection with a value of $1,000,000.
Jasmine has the following assets in her name alone:
-A rental house located at 321 Mikey Way, Celebration Springs, Florida with a value of $250,000.
-A rental house located at 888 Mountain View Way Utah Springs, Utah.
-A 401(k) with a current value of $2,000,000.
-I like insurance policy with a death benefit of $250,000.
Scar requested that he be in control and receive a majority of Jasmine's assets to take care of his younger brothers. Jasmine did not say anything in response other than that Apu has autism and may require government assitance. Jasmine requested that Jafar prepare any and all documents to protect her and her family.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started