Jaye just found out that her dad, Lloyd, has terminal cancer. Terminal illness can be devastating for a family. The financial planner working with Lloyd will likely have to deal with which of the following? 1. Estate documents. 2. Beneficiary designation forms. 3. Emotional issues. Statements 1 and 2 Statements 1, 2, and 3 Statements 2 and 3 O Statement 2 only
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- Answer the following questions What do you think of Brad and Barbara’s seeking help for Brad’s parents? What prompted Richard to seek assistance? Was it only because of Brad and Barbara? What type of financial plan seems appropriate for Richard and Monica and why do you think Monica didn’t react more negatively to the financial news?Which of the followings is NOT correct about life insurance? O a. To meet an insured person's debts and other financial commitments in the event of death. O b. To provide a financial benefit to dependents upon premature death of an insured person. O C. To provide a sum of money if an insured person got a fire in his factory. O d. To pay for urgent medical expenses to save the life of an insured person if that is needed.1. Identify any issues pertaining to financial regulations that would cause people to lose their homes. 2. What are other factors apart from financial regulations that would contribute to people losing their homes.
- Solve through IRAC (ISSUE, Rules, Analysis, Conclusion) method. Samuel Finley has two children, a daughter Lee and a son Keaton. Samuel has a lovely beach house in Palm Beach. Sam is terminally ill and has been told by his doctors that he has less than a year to live. Lee knows that Keaton is their father’s favourite child and that he had been named in the latter’s will to inherit the beach house. Lee knew that since their father did not have long to live and that he was 90 years old and starting to become mentally-weak, she could pressure him to transfer the Palm Beach beach house over to her even though Samuel may not totally understand what he was signing over. So, for four months, using pressure and threats, but more often with gentle but devious tactics, Lee succeeds in convincing Samuel to sign a transfer of property transferring the Palm Beach beach house over to her. As his last act, before he dies, Samuel wants to set aside the transfer of the beach house to Lee. Advise…Jamie Lee and Ross have been hearing many stories recently about acquaintances that are passing away without leaving a will, which made Jamie Lee and Ross anxious to review their estate plan with an attorney. They do not want to think about eventually passing on, but they know it is an essential part to careful financial planning. It was suggested that they assemble all of their legal documents in a place where their heirs would be able to access them if necessary. What documents would you suggest that Jamie Lee and Ross make accessible?Q5) Planning for protection needs ensures that _______________. a. there will be sufficient financial resources for one’s retirement b. there will be sufficient savings to purchase a new home c. the children’s education expenses will be well planned for d. all financial obligations can be met in the event of death, disablement or critical illness
- If a transferor is concerned about shielding his assets from a creditor, which of the following transfer techniques should he utilize? I. He should create a testamentary bypass trust. II. He should transfer his assets to an UTMA for his minor child. III. He should transfer his assets to a Section 2503(c) minor's trust and name an independent trustee. IV. He should execute a payable on death designation on his bank account. A) II only B) I, III, and IV C) II and III D) II, III, and IVWhich of the followings is NOT correct about life insurance? a. To meet an insured person's debts and other financial commitments in the event of death. b. To pay for urgent medical expenses to save the life of an insured person if that is needed. c. To provide a financial benefit to dependents upon premature death of an insured person. d. To provide a sum of money if an insured person got a fire in his factory.François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and…
- It's our last chance to peek into Tarek's financial planning as he prepares for his death. Now that Tarek is married, he wants to make sure that he and his wife have appropriate estate planning documents in place. Right now, neither Tarek nor his wife Samantha have drafted any legal documents. This is a worry for Tarek because he has several wishes he would like carried out should he die or become incapacitated. For example, if he were to die, he would like to be buried in his hometown, which is in another state. Also, if he were to be diagnosed as being in a prolonged vegetative state, he would prefer to be removed from all artificial lifesaving measures, except food and water. Additionally, he and Samantha are currently shopping for a new car for her. Tarek is thinking of selling his motorcycle, which is owned fee simple, and using the proceeds as a down payment for the new car. Tarek does not know how to title the new car. Instructions Please answer the following questions for…10. The reasons of buying life insurance are: i. To ensure immediate family members are able to maintain the same standard of living upon the demise of the breadwinner ii. To ensure the policyholder has extra income when his earnings are reduced due to serious illness or accident iii. To finance children education iv. To have a saving plan for the future and have a constant source of income upon retirement A. i and ii B. i,ii and iii C. i,i and iv D. All of the aboveQuestion #74 of 85 John, 84, has developed Alzheimer's and can no longer care for himself. Prior to becoming incapacitated, John executed a will and a medical power of attorney. John's daughter comes to you, his financial planner, and inquires as to whether she can manage his finances for him, since she is named as the executor of the will and the agent under the medical power of attorney. Which one of the following statements would be a correct response to her inquiry? A) John's daughter may not manage his financial affairs unless she is appointed by the court as his conservator. B) John's daughter may not manage his financial affairs unless she is appointed by the court as his custodian. C) John's daughter may manage his financial affairs because she is appointed as executor of the will and as the agent under the medical power of attorney. D) John's daughter may manage his financial affairs because that was his express intent in a conversation you had with…