Estate Plan
kdcrte
Instructions.docx|
Instructions |
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Assignment 8 – Summative Estate Plan (PO5, CO2, CO4) Every entrepreneur should have an action plan for the disposition of their business in the event of an unforeseen tragedy. Your business may grow in market value long before it shows a positive cash flow. There are many types of possible estate planning mechanisms which can be used by the startup entrepreneur to allow for the disposition of their estate, including their business assets, in the event of their untimely death. Estate plans can be changed as the situation changes or as the business becomes more profitable and beneficiary designations need to be adjusted.
For this assignment, you first make a checklist of all of the marketable assets of your business. This is the list that you would use to decide the disposition of assets if you were making an estate plan or will. Do not include your intended beneficiaries for each of the assets in your assignment. Rather, after each asset, include your best estimate of its market value and the method you used to determine that market value (recall our lesson of business asset valuation).
Next, review your states intestacy statutes which will decide the disposition of these assets should you die without a will or estate plan (intestate). Include the designated beneficiary in your checklist (i.e. parents, spouse, children, etc. - do not give specific names of the beneficiary) that would receive each asset listed if you were to die intestate.
Finally, list the state statute that specifically controls the disposition of each asset. Please note that statutes often contain subparagraphs which you must include in your citation. For example, State X statute §200(A)(1)(a) may control the disposition of personal property while §200(A)(2)(a) controls the distribution of financial assets. The specific state statute should be included that controls the distribution of each asset in your checklist.
Finally, analyze the benefits of having a written estate plan even for startup entrepreneurs with only minimal assets.
Minimum 4 pages Minimum 2 scholarly sources |
Rubric Name: Estate Plan
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Dynamic
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Criterion Score
Checklist of Assets
30 points
Determined checklist of at least 10 marketable assets of business, estimate of market value of each asset, valuation method used to estimate value, intended beneficiary (no names) of each asset listed.
24 points
Determined checklist of 8-9 marketable assets of business, estimate of market value of each asset, valuation method used to estimate value, intended beneficiary (no names) of each asset listed.
21 points
Determined checklist of 7 or less marketable assets of business, estimate of market value of each asset, valuation method used to estimate value, intended beneficiary (no names) of each asset listed.
18 points
Determined checklist (any number of marketable assets of business, did not include estimate of market value of each asset, and/or did not include valuation method used to estimate value, and/or did not include intended beneficiary (no names) of each asset listed.
0 points
Did not complete.
/ 30
Intestacy Statutes
20 points
Correctly determined the state intestacy statute which governs the allocation of each asset determined above, included proper statutory citation.
16 points
Correctly determined the state intestacy statutes which govern the allocation of at least half of the assets determined above, included proper statutory citation.
14 points
Correctly determined the state intestacy statutes which govern the allocation of at least half of the assets determined above, did not include proper statutory citation.
12 points
Correctly identify the state intestacy statutes which govern the allocation of at least half of the assets listed above, no attempt to include any corresponding statutory citation.
0 points
Did not complete.
/ 20
Written Estate Plans
20 points
Determined and evaluated at least 3 benefits of a written estate plan including such things as: the value of avoiding probate, designating beneficiaries (vs. intestacy), controlling rate of distribution of estate, and maintaining business.
16 points
Determined and evaluated 2 benefits of a written estate plan including such things as: the value of avoiding probate, designating beneficiaries (vs. intestacy), controlling rate of distribution of estate, and maintaining business.
14 points
Determined but not evaluated 3 benefits of a written estate plan including such things as: the value of avoiding probate, designating beneficiaries (vs. intestacy), controlling rate of distribution of estate, maintaining business.
12 points
Determined but not evaluated 1 or 2 benefits of a written estate plan including such things as; the value of avoiding probate, designating beneficiaries (vs. intestacy), controlling rate of distribution of estate, maintaining business.
0 points
Did not complete.
/ 20
Research
10 points
Used both primary and secondary research during process; clearly used research.
8 points
Used both primary and secondary research during process but did not clearly use research.
7 points
Used either primary or secondary research during process but not both.
6 points
Minimally used research during process.
0 points
Did not use any research.
/ 10
Writing Mechanics
10 points
The writing had no spelling and grammar errors and was clear.
8 points
The writing had minor spelling and grammar errors and was clear.
7 points
The writing had minor spelling and grammar errors; writing was somewhat unclear.
6 points
The writing had major spelling and grammar errors; writing was somewhat unclear.
0 points
The writing was grossly unclear and/or had major spelling and grammar errors.
/ 10
APA Formatting
10 points
Both in-text citations and references were in APA format, has no formatting errors.
8 points
Both in-text citations and references were in APA format, has minimal formatting errors.
7 points
Both in-text citations and references were in APA format, has major formatting errors.
6 points
Either in-text citations or references were not in APA format.
0 points
No APA formatting for in-text citations and references.
/ 10
Rubric Total ScoreTotal
/ 100
Overall Score
