Present a letter to Janet and explain your recommendation

Assignment Help Financial Accounting
Reference no: EM132930936

Question - Janet whose husband passed away 3 years ago has two adult children: George and Samantha. Janet and Samantha live in Ontario, and George lives in BC. Janet has only two assets that she wants to pass on to her two children; an RRSP which is currently worth $150,000, and non-registered GICs of $165,000.

Janet wants to keep everything simple and has decided to give each one of her children a fairly equal amount. To that end she is planning to name George as the beneficiary of the RRSP, and name Samantha as the beneficiary of the estate, which she estimates to contain $165,000 of GIC assets. Janet has heard about probate fees and believes the $15,000 of extra assets in the GIC will cover the probate fees, so both children will receive almost the same amount.

Janet does not have a Will or POA at this point.

Present a letter to Janet and explain your recommendation with regards to the above scenario.

Reference no: EM132930936

Questions Cloud

What are the upper and lower extremes of moisture : What are the upper and lower extremes of moisture content of wood?
What the amount of the Depletion Expense recognized : During 2014 100,000 tons of granite was extracted and 60,000 tons were sold. What the amount of the Depletion Expense recognized for this in 2014
How much is this investment worth at the end of year : You are able reinvest these cash flows at 4.41 percent, compounded annually. How much is this investment worth at the end of year four
What is the reward-to-variability ratio : Asset A has an expected return of 35% and a standard deviation of 40%. The risk-free rate is 17%. What is the reward-to-variability ratio
Present a letter to Janet and explain your recommendation : Janet does not have a Will or POA at this point. Present a letter to Janet and explain your recommendation with regards to the above scenario
Estimate of the company net operating income : Assuming that the fixed monthly expenses do not change, what is the best estimate of the company's net operating income in a month when sales are $143,000
What is the total amount of ordinary shares : The shares of MY Corporation have a par value of P15/share. After the business combination, what is the total amount of ordinary shares
Write a concise critical analysis : Write a concise critical analysis of the text. Given your limited space, your analysis will have to focus on a particular feature of the text you select
Critical analysis : Develop a clear thesis and use details and quotations from the text to support your arguments. Do not waste a lot of space on a long, generalized introduction

Reviews

Write a Review

Financial Accounting Questions & Answers

  Explain advantages and disadvantages of debt financing

Write a 5-page, APA formatted PROPOSAL that includes the following parts: Advantages and disadvantages of debt financing.

  What is the carrying value of the computer software

In 2020, the total sales amounted to P5,000,000. What is the carrying value of the computer software on December 31, 2020

  What will be the yield to maturity on the bonds

What will be the yield to maturity on these? bonds, assuming the default does not? materialize? What will be the price of these? bonds?

  Find amount to be capitalized as the cost of the machine

Installation charge would have been incurred with a cash purchase. The amount to be capitalized as the cost of the machine on October 31, 2016 would be

  What is the maximum level of stocks possible

What level of stocks would a replenishment order be issued - what is the maximum level of stocks possible?

  Compute avoidable interest for Pronghorn Company

Compute avoidable interest for Pronghorn Company. Use the weighted-average interest rate for interest capitalization purposes

  What is the cost of forgoing the discount and paying on day

A supplier allows customers a credit period, What is the cost of forgoing the discount and paying on day 21, expressed as an annualised interest rate (i.e.EAR)?

  Determine what the present value of the same annuity due

Determine what's the present value of the same annuity due? If the present value of an ordinary, 8-year annuity is $6,400 and interest rates are 8.0 percent

  Compute what is the value of the investment

If the required return is 9 per cent, what would the present value be if the payments occurred for 20 years? what is the value of the investment

  Which plan will result in the higher eps

Under Plan II, there would be 300,000 shares of stock outstanding and $10 million in debt outstanding. The interest rate on the debt is 10 percent, and there are no taxes. If EBIT is $1.5 million, which plan will result in the higher EPS?

  Shorter cash conversion cycle

Other things being equal, would a firm prefer a longer or shorter Cash Conversion Cycle? What are some examples of ways a firm could attain this?

  Purpose a flexible budget performance report

Purpose a flexible budget performance report that indicates any variances between budgeted results and actual results.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd