Which of the following is not an example of a special needs situation? Planning for Billy and Ray, who live together but are not married Planning for Miley, who has a daughter who has Down syndrome Planning for the Couch family, who just inherited $12 million. Planning for the Charles family with three boys ages 2, 3 and

Emma Emerson is a proud woman with a problem. Her daughter has been accepted into a prestigious law school. While Ms. Emerson beams with pride, she is worried sick about how to pay for the school; she is a single parent who has worked hard to support herself and her three children. She had to go heavily into debt to finance her own education. Even though she now has a good job, family needs have continued to outpace her income and her debt burden is staggering. She knows she will be unable to borrow the money needed for her daughter's law school. Ms. Emerson is the chief financial officer (CFO) of a small manufacturing company. She has just accepted a new job offer. Indeed, she has not yet told her employer that she will be leaving in a month. She is concerned that her year-end incentive bonus may be affected if her boss learns of her plans to leave. She plans to inform the company immediately after receiving the bonus. She knows her behavior is less than honorable, but she believes…

Sven was recently quoted on a disability policy with an any occupation definition of disability. Sven does want to buy disability coverage, however, the premium was more than he was willing to pay. Sven has some savings built up as an emergency fund and manages his cash flow quite well, so he knows what premium he can afford without impacting his standard of living. What change could Sven consider that would reduce his premium but allow for coverage to continue to meet his objective? a) He could increase the elimination period of the policy b) He could increase the length of his benefit period. c) He could change the definition to own occupation. d) He could decrease the waiting period.

6 Stella and Josh are young parents of two children, aged 1and 3  Stella is employed as a senior manager at a company where she is covered under a group i up his job to look after the children and is not covered under any insurance plan. The couple meets with an insurance agent to discuss their options to cover for child the event of Josh's disability. Which of the following recommendations is the agent likely to provide?

8

6. In relation to the Income of Minors, which of the following is a prescribed person under ITAA36 Div. 6AA:Select one:a. Lulu who is permanently disabled and aged 16b. Carl who is married and is 17 years oldc. Nine-year-old Lucy whose parents are entitled to a carer allowanced. Ten-year-old Franke whose guardians are entitled to a double orphan pension

(Case Study Question) Henry's oldest son has few financial resources. Henry would like to contribute annually to a trust, with his son only receiving the trust income. The remainder of the trust would go to his grandchildren (his son's children) at his son's death. Henry wants his son to receive all the earnings from the trust with no restrictions. He realizes that his son will likely squander trust income he receives but wants to otherwise protect his son from his creditors. Which of the following trusts would you recommend that Henry establish for the benefit of his son? A) An irrevocable trust, including spendthrift provisions B) A support trust C) A Section 2503(b) trust

Ma 1. Amanda is in her 70s, is in good health, and lives in a large house in a rural area. Amanda asks Bridget, the granddaughter of a close friend, to live in the house with her. Amanda does not need nursing care, but wants someone for companionship and to help with housework and repairs. Amanda promises to transfer the house to Bridget if she will live with her for five years. Bridget does so and continues to work full-time in a nearby town. Amanda transfers title in the house to Bridget. What are the gift tax consequences, if any, to Amanda?

Jimmy recently graduated from medical school and is working for a hospital system. He is not worried about his medical school debt because it is relatively low compared to his income, but he would like to begin saving and investing for his children's college education, his retirement, and the purchase of a family home. He is also concerned about protecting his family financially if something were to happen to him. Which of the following financial professionals would be the best option for Jimmy?   Question 8 options:   Stockbroker.   Insurance agent.   Certified Financial Planner®   Accredited Financial Counselor.

Julia Rivera lives with her two sons, ages 6 and 9. They have had difficulty managing their finances. What purposes could a budget serve for the Riveras? What actions would you suggest for the budgeting process to be successful?