I need help with an estate planning project. The project requirements are (1) complete an excel spreadsheet describing total assets with respect to probate estate, gross estate and marital deduction based on data provided. (2) Prepare brief word files showing reconciliation of gross estate to marital deduction and expenses allocated to marital portion (examples provided), and (3) prepare word file with BRIEF suggestions for implementing seven different estate planning goals. Per instructions, these should not be very detailed. I am attaching (1) a Word file with instructions (2) a word file with background data to be used in completing assignment, and (3) an excel spreadsheet for entering total assets. I have actually entered assets based on the provided data, but entries have to be checked and any additions based on data entered. IMPORTANT: The title and column heads on spreadsheet must be kept exactly as they appear. Do not add, delete or change title and column heads. This assign should be completed by November 28 at noon. It MUST be completed on November 28.Answer format will be both excel file (xls) and .doc files.INSTRUCTIONS
Check and complete the excel spreadsheet of total assets. ASSUME BENNY
DIES ON DECEMBER 31, 2020. I inserted entries on the spreadsheet based
on information in balance sheet and background data but they need checking.
NOTE that “JT” in the list of assets and consequently the spreadsheet stands
for “Joint tenancy.” In particular I am not sure whether or not trusts listed in
Prior Gifts section of data need to be included in the list of assets. I am also
not sure if the growth projections for the businesses and value projections for
the houses and real estate need to be incorporated into the valuation of
assets. Also need to check whether any of the items listed in the assets
spreadsheet need to be listed in Probate Estate column of spreadsheet.
THE SPREADSHEET TITLE AND COLUMN HEADS MUST BE KEPT
EXACTLY AS THEY APPEAR ON SPREADSHEET
Prepare a Reconciliation of Gross Estate to Marital Deduction separate
schedule. It should be a word file presentation. ASSUME BENNY DIES ON
DECEMBER 31, 2020.
Prepare an Expenses Allocated to the Marital Portion separate
schedule. It should be a word file presentation. ASSUME BENNY DIES ON
DECEMBER 31, 2020.
The following is an example of how the “Reconciliation of Gross Estate to
Marital Deduction” and “Expenses Allocated to the Marital Portion” schedules
should look. The Reconciliation should begin with the Gross Estate total taken
from the spreadsheet, list the appropriate deductions and Assests qualifying
for marital deduction. The Expenses begin with the Qualified Marital
Deduction taken from the Reconciliation, list appropriate expenses and final
marital deduction
Review the Seven Estate Planning Goals: A. Minimize estate taxes.B. Fund
college education for the five grandchildren C. Set up a special needs trust for
Ivan’s future needs.D. Ensure that the vacation home is a permanent family
home for the children and the grandchildren.E. Keep 100 percent of the
business in the family.F. Maintain control of the business until retirement at
which time James and Joe will take over.G. Transfer an additional $2 million
to the Wounded Warrior Project at some time in the future.
Prepare a word file with the listing of suggested estate planning steps to meet
their Seven Estate Planning Goals listed above. Make suggestions for each
of the seven goals. These suggestions do not have to be very detailed.
For example, item C special needs trust: Have the attorney draft a special
needs trust for Ivan. Item A will be a listing of specific suggestions to
minimize estate and gift taxes.
BENNY AND MARTHA FRANKLIN CASE DATA
Martha has not made any taxable gifts in her past
Note that “JT” on the balance sheet stands for “Joint tenancy.”
Asset
Cash
Vacation home
Investment real estate
Marketable securities
Businesses
Primary residence
Autos
Household furnishings
401 (k) plan
Life insurance
Total
Owned
JT with spouse
JT with spouse
JT with spouse
JT with spouse
JT with spouse
JT with spouse
JT with spouse
JT with spouse
Husband only
Husband only
Full Value
1,000,000
1,500,000
3,000,000
6,000,000
6,000,000
2,000,000
100,000
500,000
1,250,000
200,000
Benny Interest
500,000
750,000
1,500,000
3,000,000
3,000,000
1,000,000
50,000
250,000
1,250,000
200,000
Probate Estate
Benny and Martha Franklin Case: Total Value of Assets
Gross Estate
Marital Deduction
0
500,000
500,000
0
750,000
750,000
0
1,500,000
1,500,000
0
3,000,000
3,000,000
0
3,000,000
3,000,000
0
1,000,000
1,000,000
0
50,000
50,000
0
250,000
250,000
0
1,250,000
0
200,000
0
11,500,000
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