The Blog

TAX 665 Final Project Part I Milestone Assignment Help

TAX 665 Final Project Part I Milestone Two Guidelines and Rubric You will submit a memo describing how you will incorporate trusts into the estate plan you started in Milestone One. Include a quantitative model (in Excel) explaining how the use of the trusts and the family limited partnership can reduce the family’s estate tax over time. Show how the transfer of ownership in the present via gifts or the formation of trusts will ensure a greater appreciation in value of the younger generation’s ownership interests in the family enterprise over time. Conclude whether or not the strategy is worthwhile and is ethically sound. Cite appropriate statutory authority, case law, and/or AICPA Code of Conduct or ABA Model Rules of Professional Conduct to support your conclusions. Specifically, the following critical elements must be addressed:

I. Utilize intentionally defective grantor trusts to accomplish long-term minimization of the client’s tax liability. Consider the mechanics of these estate

planning vehicles and the appropriate authority to cite. II. Tables and Calculations: Excel Documentation

A. Consider how the strategy maximizes the amount of transferred wealth to the client’s children over time and explain the amount in an Excel spreadsheet.

B. Given the income tax consequences, conclude whether or not the strategy is worthwhile and is ethically sound. Consider justifying the strategy in comparison to an alternative transaction.

Guidelines for Submission: Your paper must be submitted as a 2–3-page Microsoft Word document with double spacing, 12-point Times New Roman font, one- inch margins, and at least three sources cited in APA format. Submission must include an Excel spreadsheet explaining the amount of transferred wealth over time.

Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value

Introduction: Grantor Trusts Utilizes intentionally defective grantor trusts to accomplish long- term minimization of the client’s estate tax liability

Utilizes intentionally defective grantor trusts, but details do not show a minimization of the client’s tax liability

Does not utilize intentionally defective grantor trusts

30

Tables: Transferred Wealth Over Time

Assesses the amount of wealth that will be transferred to the children over time

Assesses the amount of wealth that will be transferred, but details are cursory

Does not assess the amount of wealth that will be transferred

30

Tables: Tax Consequences Analyzes the personal income tax consequences and costs as a result of the strategy and concludes whether or not the proposed strategy is worthwhile and ethically sound

Analyzes the personal income tax consequences and costs as a result of the strategy and concludes whether or not the proposed strategy is worthwhile and ethically sound, but details are irrelevant or cursory

Does not analyze the income tax consequences and costs as a result of the strategy and does not conclude whether or not the proposed strategy is worthwhile and ethically sound

30

 

 

 

Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

10

Total 100%

Is this the question you were looking for? If so, place your order here to get started!

Open chat