ACCT430

As you bring up the issue of estate planning, they thank you for your concern, but explain that it is already taken care of. They go on to explain that their attorney has prepared wills for both of them and all of their accounts are titled Jointly with Rights of Survivorship.

There are surprised, and a little confused, when you mention that their heirs might end up receiving only a fraction of those assets after the two of them pass away.

Include the following in your explanation to Mr. and Mrs. Ybarra:

• The transfer-tax system
• What is considered part of the estate
• How much is excluded from taxation based on current legislation
• Gross estate versus adjusted gross estate

Please submit your assignment.

For assistance with your assignment, please use your text, Web resources, and all course materials.

Unit Materials