Rich and Ruby Case Study Example | Topics and Well Written Essays - 1000 words

Rich and Ruby - Case Study Example The trust is designed to remain in place for the benefit of Harriet and be distributed equally between Rich and Rebecca when Harriet dies. According to the financial statements, Rich and Ruby have a net worth of $22,000,000 at their disposal which comprises various assets and cash and cash equivalents. Rich is involved actively in the family business and is concerned fully about the welfare of his children and their children. Rich also plans to pay for Katie’s remaining education balance for two years to finish her doctorate degree in bio-gastric anthropology and strongly believes that the world is not yet fully exploited by people with opportunities. Rich also plans to support Caryn, Katie’s life partner even though Ruby his wife and Alvin his son do not approve of the relationship. Rich is in a good financial position with the company’s net annual income of $750,000 and a salary of $200,000 annually. The fact also that the company is worth $8,000,000 and is exp ected to grow at an annual rate of 10% for the next 6 to 8 years makes it advantageous for Rich to use the finances at his disposal and allocate them effectively and efficiently. Rich also owns the building in which the Macadam company operates valued at $3,000,000 and is leased for $250,000. Rich has come to the realization that his estate has grown significantly over the years and will continue to grow further in the coming years. He further considers that his estate will increase as a result of the inheritance he receives from his father’s and mother’s estate. Rich is not opposed to a gifting program that will enable him and Ruby to enjoy their retirement’s years which he has set to be $300,000. Furthermore, Rich intends to pass on the company business to his son Alvin should he retire or die whichever comes first. Rich has a good plan regarding the estate inheritance that is aimed at passing on the benefits of the estate to the family descendants and ensurin g that the lives of all family members are stable and comfortable. Rich is aware of the financial constraints that are in the family and wants a plan that is fully beneficial and successive in nature. Rich wants his daughter Katie and Son Alvin to get an equitable distribution of the available inheritance given the efforts of his son to the growth and success of the business. Assuming that Harriet dies in 2013 with an estate of $15,250,000 and a federal state tax of $5.25 million, and the father’s inheritance of $500,000 and an equal inheritance share between Rich and Rebecca his sister, he will receive $7,250,000 of the estate inheritance. According to this case probate assets are those assets belonging to a deceased person which pass to the beneficiaries named in the decedent’s will or decedent heirs if there is no will as determined by law as part of the probate process. These types of assets do not have a beneficiary designation or survivorship feature to control t he reception of the property when the decedent dies. Examples of probate assets include; personal property, proceeds from a life insurance policy owned by the decedent on his or her life payable to the decedent’s estate upon death, banks or brokerage accounts that do not have a beneficiary designation, and, finally the real property owned entirely by the decedent. Non- probate assets, on the other hand, are assets

European History Essay Example | Topics and Well Written Essays - 750 words

European History - Essay Example It was not a matter of helping representatives to resist the king, or even to put paid to royal betrayal; it was a matter of taking to the streets to proclaim the end of royalty, and therefore of the Constitution and the Legislative Assembly. Direct democracy intervened against representatives†¦the power of representatives is sovereign, although it is only secondary (constituted) in relation to constituent will, which is the prerogative of the nation.† (Furet 110-111) One of the most famous political groups at the time when the monarchy was nearing its end was the Jacobin Club, commonly known as the Jacobins. The fact here is that the Jacobins actually belonged to them â€Å"left† politicians in the General Assembly, where they were among the most ardent supporters for the abolition of the monarchy altogether, as well as the creation of a republic in France (Furet 101-150). In this case, by the time that the insurrectionary Paris commune stormed the assembly and pre sented their demands, the Jacobins did not only played a part in supporting them but even inspired them, given their political advocacy for patriotism, liberty, and the establishment of the Republic (Furet 101-150). In fact, the Jacobins were even seen as less elfish than other parties, the most patriotic, and as well as being the most sympathetic to the sentiments of the Parisian populace (Furet 101-150). Aside from the Jacobins, another faction also played a major role in the overthrow of the monarchy: the Sans-culottes. The Sans-culottes were mainly composed of the lower classes, which included the urban laborers, the workingmen, and as well as the small shopkeepers; they were also known as the most â€Å"left† on the groups that composed the French revolution, wherein they mainly forwarded issues of popular democracy, and as well as social and economic equality (Furet 101-150). In this case, the Sans-culottes played a major role in rallying the communards to demand the ou ster of the monarchy, through insurrection if necessary, and the establishment of the republic (Furet 101-150).