AC561: Unit 6 Assignment Assignment Details The assignment below will assess your knowledge and understanding of fiduciary responsibility, and Essay

AC561: Unit 6 Assignment
Assignment Details
The assignment below will assess your knowledge and understanding of fiduciary
responsibility, and your ability to apply estate planning principles.
Directions
Read the scenario below carefully, and then research the tax issues using CCH
Intelliconnect. Answer the following questions in 1-2 double-spaced pages, using the
statutes in your own state (TEXAS):
1. As part of an estate plan for Anna, would you recommend a will, a will with a
testamentary trust, or a revocable living trust?
2. Name the fiduciaries who would need to be appointed as part of Anna’s estate
plan.
3. If Anna were to die first, could she exclude her former husband, Kevin, from
becoming the guardian of the person of her minor children? What about the
guardian of the property?
4. Are the children old enough to voice their preference for a guardian?
5. What other kinds of insurance, if any, would you recommend Anna buy (e.g.,
homeowners, car, life, disability, health, or long-term care)?
6. What kinds of investments, if any, would you recommend, e.g., stocks, bonds,
certificates of deposit, and IRAs?
Scenario: Anna Walker, age 37, is a single parent who divorced her husband four
years ago. Anna has custody of their two children, Debra, age 12, and Ryan, age 8.
Anna is a marketing manager for a local retail store. She earns $40,000 per year. The
company provides Anna and her dependents with a health insurance plan; a group term
life insurance policy worth $30,000; and a 401(k) employee benefit plan to which the
company annually contributes 4 percent of her salary. Anna makes contributions of
$250 per month to the 401(k) plan and has named her two children the beneficiaries of
the plan and her life insurance. Anna has a checking account of $1,400; owns a 2014
Ford; and, after the divorce, has title to a house worth $90,000 with equity of $20,000.
She has no other savings or investments.
Anna’s former husband, Kevin Walker, is a salesman who has difficulty keeping a job
because of his dependency on drugs. Currently, he sells new and used cars. He has
visitation rights with the children but frequently fails to show up. Kevin has been ordered
to pay monthly child support of $350, which he has paid sporadically depending on
whether he has a job. He is now $5,000 behind in support payments, and Anna has little
hope of enforcing payment.
Your assignment should be submitted in a Microsoft® Word® document and be properly
formatted in APA, with a title page and reference list (these do not count towards the
page requirement).
The following course outcome will be assessed in the Unit 6 Assignment:
AC561-1: Differentiate between the various estates in property.
Review the Assignment Rubrics in Course Resources>Grading Rubrics.
Assignment Submission Requirements
Responses must adhere to the following formatting guidelines:
● Microsoft Word document or appropriate reporting application specified in the
assignment
● Double spacing
● 12-point Times New Roman or Arial font
● One-inch margins
● APA in-text citations (or legal citations for regulations, decisions, and other
sources from CCH)
● An APA reference list for qualitative responses
● Show work for all questions that require computations.
Important Note: Responses to assignments should be the original work of the student.
Responses must adhere to the University’s academic integrity requirements.

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