QuestionQuestion

Work on the bedo case:

1.) Develop an estate planning goal for the Bedos.When conceptualizing this goal,consider the following.
a.) Is the goal developed in agreement with any or all goals and objectives that the clients have identified regarding estate planning?
b.) What situational factors might influence their estate planning goals? Are these factors explicit, implied or assumed? Is additional information required from the Bedos?
c.)Identify life events that could affect the estate planning analysis for Tyler and Mia and that should be reviewed at future client meetings?
d.)What is the desired outcome for the clients?

2.) Develop a list of globally accepted client specific or planner generated planning assumptions that will structure the estate planning situation analysis.

5.) A planner’s observation and results from analysis can be communicated through a letter or a comprehensive or modular plan. Using some combination of text, bullets or graphics,summerarize your observations about the estate planning situation and the identified planning need(s) of the bedo household.

6.) Based on the goals originally identified and the completed analysis, what product or procedural , strategies might be most useful to improve the Bedo’s estate planning situation? Be sure to consider strategies matched to the planning needs identified for each member of the household. When reviewing strategies be careful to consider the approximate cost of implementation as well as the most likely outcomes associated with each strategy.

7.) Write at least one primary and one alternative recommendation from selected strategies in response to each identified planning need. More than one recommendation may be needed to address all of the planning needs. Include specific defensible answers to the Who,what,when where,why,how and how much implementation questions for each recommendation.
a.)It is suggested that each recommendation be summarized in a Recommendation Form .
b.)Assign a priority to each recommendation based on the likelihood of meeting client goals, and desired outcomes. This priority will be important when recommendations from other core planning content areas are considered relative to the available discretionary funds for subsidizing all recommendations?
c.)What considerations should be taken into account when naming beneficiaries to any new life insurance policies for the Bedos.
d.)Comment briefly on the outcomes associated with each recommendation.

9.) Conduct a cross impact analysis for the bedos one year in the future by recalculating and projecting the following assuming all recommendations will be implemented as planned.
a.) The cash flow situation
b.)The household net worth
c.) The income tax situation : and
d.) The estate and estate tax situation

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Answer 1:
The estate planning goal should be to maximize the funds that are available to either Tyler or Mia in the event of death of the other spouse. In case both of them die, Becky, their only child should receive a large amount of funds. At the same time, the estate taxes which are paid should also be minimized. They also want that Becky should receive funds in a comfortable manner and the probate requirements should not make things difficult for Becky.
a. The goal is consistent with the client requirements and their constraints. They have only one child Becky and they want to leave a large estate for their child.
b. The condition that either Tyler or Mia dies too early can impact the estate planning goals. Both of them are earning income and in case of death of either, the income inflow would be reduced. Moreover, they also wish to pay off mortgages earlier in case of either’s death and this can limit the amount of funds available for investment. Currently, the Bedos have focused on planning for their retirement only. These assumptions are implicit. It would be important to understand from the Bedos as to what is their expected life expectancy. Moreover, they would also receive Tyler’s inheritance money that has not been considered in investment analysis. It is also important to know how they wish to spend the same...
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