Ronald M. Martin Irrevocable Life Insurance Trust Case Study Accounting Assignment Help

Assignment Task

Task    

Ronald M. Martin died on March 4, 2020. Ronald was married to Sally B. Martin. Title to the various estate assets is indicated below. Ronald’s separate property assets were subject to probate proceedings and his Will named Sally B. Martin as his personal representative. Sally will receive Ronald’s entire estate. Assume the life insurance is held in an irrevocable life insurance trust (ILIT), and therefore, not included in the taxable estate. Ronald doesn’t have a taxable estate, but his personal representative (Sally) would like to elect portability and transfer his applicable exclusion amount to Sally. Sally has not remarried since Ronald’s death.

Asset Title to Asset* Estimated FMV 706 Amount Probate Amount

• House JT $ 4,000,000 $ 2,000,000 $ 0
• Cabin JT 950,000 475,000 0
• Stock S 3,000,000 3,000,000 3,000,000
• Life Insurance ILIT 1,500,000 0 0
• Cash S 1,000 1,000 1,000
• Bank Accounts & CDs S 1,250,000 1,250,000 1,250,000
• Vehicles & Misc. Property S 157,400 157,400 157,400
• IRA S/B 1,345,000 1,345,000 0
• Accrued Dividends S 1,400 1,400 0
• Accrued Interest S 700 700 0
• Total $ 12,205,500 $ 8,230,500 $ 4,410,500
• JT = Joint tenancy with right of survivorship
• S = Separate Property
• S/B = Separate with designated beneficiary
• ILIT= Irrevocable Life Insurance Trust

This Accounting Assignment has been solved by our Accounting Experts at Exam Question Bank. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.
    
Be it a used or new solution, the quality of the work submitted by our assignment Experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.