Estate Planning Paper Essay Example for Free

Estate Planning Paper Essay Last year, November 2011. The world lost Andy Rooney. Andy Rooney, the 60 Minutes commentator known to generations for his wry and humorous television essays died Friday in a hospital in New York City of complications following minor surgery. He was 92. A will for Rooney has been filed in surrogate court in New York City. The will leaves the entire estate, which is comprised of $8 million in stocks, bonds and cash and $1 million in real estate, to Mr. Rooneys four children, Brian Rooney of Los Angeles, identical twins Emily Rooney of Boston and Martha Fishel of Chevy Chase, MD, and Ellen Rooney of London. Mr. Rooneys wife, Marguerite Margie Rooney, died in 2004. They had been married for 62 years. Based on a statement from Mr. Rooney’s son Brian, apparently Mr. Rooney did not do any estate tax planning other than the will. In her article Julie Garber (Julie Ann Garber, Esq. is an experienced estate planning attorney a co-author of the book Estate Planning Strategies, Collective Wisdom, Proven Techniques Wealth Builders Press, (2009) state that, â€Å"Assuming that Mr. Rooney did not have many liabilities and no assets passed outside of his probate estate, then this means that his estate will owe approximately $1.4 million in federal estate taxes and $916,000 in New York estate taxes, leaving about $6.68 million for his children to split† The home Andy Rooney has gone on the market in the Rowayton section of Norwalk. The 2,474-square-foot, four-bedroom, one-bath Tudor-style home was built in 1882 and is situated atop a hill, within walking distance of the village and train station. Rooney held on to the house while also having an  apartment in New York It is currently listed by Prudential Connecticut Realty for $749,500. The Beginning In the first chapter of our reading on wills and estates we find that the law of wills are technical and differs from state to state it is risky to right a will because a layperson are usually not aware of legal terminology and could wind up risking the loss of valuables and money. Here Andy Rooney’s son states in the article by Julie Garber â€Å"When asked about his fathers estate, Brian Rooney said that his father lived frugally and wasnt into fancy estate planning. The aforementioned quote would probably denote that since Mr. Rooney was frugal and not into FANCY estate planning he probably did the will himself. While leaving a great deal of money he probably would have been able to leave substantially more than his children would have received had he perhaps done a better job at estate planning and consulted with an attorney. Estate Planning Andy Rooney had several homes according to the article 2 in NY and one in Conn. Rooney however was domiciled in NY as this is where he worked and was his main residence. In addition Mr. Rooney passed away In NY the probate court would then be the NY court with jurisdiction to administer the decedent’s estate. Rooney’s Wife had passed away leaving only the children as beneficiaries. It is more likely than not, that Rooney had not just probate property but also non-probate property to which his children are beneficiaries. Non-probate property would have been Mr. Rooney’s pension plan, Life insurance and IRA’s. There are no issues that involve the intestacy as Mr. Rooney died with a valid will. Mr. Rooney had no illegitimate children. Because the will was delivered and processed by the probate court in NY there were no witness, age, signature or revoking of the will issues. At the time of this article there the will has not been provided to the public. Therefore Payment of debts, clause are not made available the family will hold a private funeral service this week, with a CBS memorial at a later date, Emily said. Mr. Rooney will be buried in the family plot in Rensselaerville, N.Y., near his native Albany. Marguerite ‘Margie’ Rooney, his wife of 62 years, is also buried there. We assume that these were his funeral arraignments but not sure if these are covered in the will. Family Allowance Often the state will provide for the immediate support of the family when a breadwinner dies, state law generally contains a mechanism for immediate access to money from the decedents estate known as family allowance. In this instance Rooney has 4 children that survive him it is not clear that any of these children were being supported by their father to fall under the designation of breadwinner. Emily is the twin of Martha. Emily Rooney born 1950 is an American journalist, TV talk show and radio host and former news producer. Since 1997, Rooney has been the host, executive editor and creator of Greater Boston and the weekly Beat the Press on WGBH-TV, which are also later rebroadcast on the Boston-based WGBH radio station. As of 2010, she hosts the Emily Rooney Show on WGBH radio. She has an identical twin sister, Martha, who is Chief of the Public Services Division at the United States National Library of Medicine in Bethesda, Maryland. Her brother Brian Rooney is a correspondent for ABC News. Rooney has one daughter, Alexis. Rooneys husband, WCVB-TV reporter Kirby Perkins, died suddenly of heart failure July 1997. Here it is not likely that a family allowance will be necessary. Exempt property New York Law grants the family of a decedent the right to exempt certain property from the decedents estate. The purpose is to award essential necessities for continuing the family unit. Since the purpose is to assist the surviving spouse and children under 21. Here this does not apply to any of the Rooney children since all of his children were born in the 1950’s. Trust Trust are special arraignments laid out by settlor to the trustee for keeping  to be disbursed to a beneficiary based on the terms of the trust agreement. The wording of the article didn’t specify the type of instructions of the will, however the words of the son â€Å" His father was not a stickler for fancy estate planning† gives up a picture that there was simply a will and not anything more like a trust. Personal representative Since the will is not yet available to the public knowing who the personal representative is however we do know that his duties are to collect and preserves the assets of the estate pay the debts taxes and the expenses of the administration. He/ she must inform the heirs and devisees of the of the appointment within 30 days file inventory of the weate within three months, take possession and control of the decedents property for protection and management. Probation of the will The will was filed with the probate court in the allotted time to the NY surrogate court. The personal representative then waits to hear from the court to the accuracy and official recognition of the will. Once the personal representative hear back from the court if the will checks out the court will give the appointment to the personal representative gives him the legal authority to collect and preserve the assets. One of the most important duties of the personal representative is to pay the taxes of the estate here is where the crux of the inheritance to the beneficiary is absorb as well. The personal representative must notify the internal revenue service, receive an EIN and then file the decedent final tax return. Mr. Rooney did create any more than a will so his assets are all taxable. This is why his son stated that if his father had been more careful with his estate planning that they would have had more money. The estate will have to pay out 1.4 million in federal taxes and $916,000 in New York estate taxes. Real estate According to the article Rooney left behind 3 different properties homes in  New York City, Rensselaerville, N.Y. and Rowayton, Conn. The article states that the property totals 1 million dollars. The article listed that the estate taxes would equal out to 916,000 however the property is being sold for $749,500 because there was no previous estate planning minus the will the estate will still need the property on the tax return. Stocks and bond The article says that Mr. Rooney had 8 million dollars in stocks and bonds all of these stocks individually will be reported on the federal return under a schedule B form. The stocks must be listed in detail including price per share and anything concerning that stock including the CUSIP number for identification. The fair market value of the stock and bonds must be listed. Mr. Rooney’s estate will have to pay taxes for the 8 million dollars in stocks and bonds due to improper estate planning. Taxes A federal tax return for Mr. Rooney must be filed within nine months after the date of his death if the gross estate is more than the amount prescribed for that year. The gross estate includes individually owned property. The taxable estate is the gross estate minus the obligations of Mr. Rooney. The net estate tax is computed by deducting the following from the gross estate tax: an applicable credit amount, state death taxes up to a certain limit, gift taxes paid before 1976 taxes paid on certain prior transfers and foreign death taxes. Conclusion: Mr. was a frugal man that lived thru the depression and was very careful how he made and spent his money. He loved his children very much and was a very simple man and very simple in his planning for the future although he amassed a small fortune for his heirs, his poor planning has allowed the government to come down and swoop in and take a nice percentage that could have been sheltered through trust or special tax shelters that shield his assets that he worked so hard for. If have learned anything is one that a will is vital to the communication of assets after death and that proper estate planning can protect your assets from being squander, lost or  misdirected. Bibliography Daily News Andy Rooney’s kids to split $9 million estate Monday, March 05, 2012, http://articles.nydailynews.com/2012-03-05/news/31122336_1_andy-rooney-martha-fishel-million-estate Norwalk Citizen, Tuesday, July 31, 2012 – http://www.norwalkcitizenonline.com/news/article/Rooney-s-house-goes-on-market-3469747.php#photo-2797363 Gordon Brown (2009). Administration of Wills, Trusts, and Estates. (Fourth). Thomson/Delmar Learning.

The Test :: Original Writing Personal Narrative

My eyelids drooped as I poured yet another cup of coffee, so that I might stay awake long enough to study the last thousand pages or so in my notebook. Maybe it was just too much caffeine, but it seemed to me that the coffee machine was laughing at me, as it seemed to say â€Å"you’re hopeless, go to bed.† I had been studying for so long now that the few things I did know for certain at the beginning were now beginning to baffle me. Facts and figures jumbled together in one huge pile in my mind, useless dates and numbers that meant absolutely nothing to me in my exhausted state. â€Å"Why don’t you go to bed now, honey?† my mother asked kindly when she found me studying in the dim light in the living room. â€Å"It’s really late, and you have to get up early.† I groaned. Thanks for reminding me! a little voice screamed inside my head. Only four more hours and I’d have to get up for school, and here I was, absolutely clueless despite my efforts of cramming. â€Å"No, not yet,† I pleaded. â€Å"I’ll go to bed soon, I promise. I just want to go over this last little section.† Mom sighed, but nodded, flicking on another lamp for me on her way back to bed. â€Å"You’re going to ruin your eyes studying in the dark,† I heard her mumble as she left the room. Ruin my eyes? As though that was all I had to worry about! After I wrote my exam tomorrow, my life was going to be ruined! My chances of getting accepted into a decent college were gone out the window. I’d never get a decent job, and there was not a chance that I’d ever get married or have children. Who wanted to marry a failure? Visions of myself in thirty years, alone and impoverished, popped into my head. I could already see myself, sitting in my tiny one room apartment, spooning Kraft dinner out of a worn pot. My clothes were in tatters, and my only companion was a skinny stray cat I’d sneaked into the apartment. My phone would never ring, and there’d never be any letters for me in the mail. My family would disown me, my friends would forget me . . . yes, I decided, my life was most certainly ruined. Although I tried most diligently to stay awake, my efforts were in vain.

Usc Sosw 503 Assignment 1 Systems and Ecological Theory

SOWK 503 – Fall 2012 Assignment #1: Article Critique 9/26/12 Julie Emmer LCSW CAP Abstract The purpose of this paper is to critically critique and evaluate the study: Parenting a Child With a Disibility: The Role of Social Support for African American Parents, written by Jung – Hwa Ha, Jan S. Greenburg, & Marsha Mallick Seltzer. This paper will critically apply the Ecological Perspective and Systems Theory, to the social concern as it addressed in this study.This paper will accomplish this critique by assessing the hypothesis, evaluating the method of study, and critically discussing the results of the study in question by using the key concepts of the fore mentioned theories. Upon the completion of this paper, the reader will have a full understanding of the study, and how it may relate to field of Social Work using a Systems Theory perspective.Critique of: Parenting a Child With a Disability: The Role of Social Support for African American Parents Key Concepts of stud y The study Parenting a Child With a Disability: The Role of Social Support for African American Parents, was conducted as an expansion of the findings of previous studies. There have been a many studies that have examined the racial impact of the parents of disabled children; however, few have examined the influences that may affect an African American family raising a disabled child.Therefore, the purpose of this study is to examine the following two areas of interest: (a) the impact of having a child with a disability on parents’ mental and physical health among urban-dwelling African Americans and (b) the extent to which positive and negative social interactions with family members other than the spouse moderate the impact of child’s disability on parental adaptation (Ha, Greenberg & Mailick Seltzer, 2010). The authors’ motivation for this study is to provide empirical evidence to assist professionals in addressing possible needs when, supplying social servi ces to this population or environment of lients. Important facts and concerns related to the social concern. The authors of this study referenced several previous studies that supported their theory of; family support from other than a spouse will attribute to wellbeing and equal homeostasis of the parent. Previous studies â€Å"suggest that extended families constitute a core social network for African Americans and provide important financial and instrumental support (Ellison,1990). Furthermore, support from kin is related to happiness and life satisfaction among African Americans (Ellison, 1990).In addition, it is also suggested in this study that negative entropy (interactions) or lack of supra system (extended family) involvement may impact the parent in a negative manner. The reasoning of the focus on African American parents, is to assess the influence of having a disable child, and how it may affect the negative energy that is already experienced in the family system by opp ression and discrimination. This study was conducted in urban areas in Milwaukee county Wisc. as a continuance of the Midlife in the United States Study (MIDUS; Brim, Ryff, & Kessler, 2004).The African American Milwaukee sample provided a unique opportunity to address within-racial group differences in the impact of having a child with a disability. (Ha, Greenberg & Mailick Seltzer, 2010). The sample group of the study was a group of 48 families with a disable child that is afflicted with one of the following disorders: autism, cerebral palsy, epilepsy, or intellectual disability, or was ever afflicted with a long-term serious mental health problem. The comparison group of 144 was families consisting of at least 1 child and no children in the family system have a disability. Theory ConceptsThe systems approach attempts to view the world in terms of irreducibly and integrated systems. It focuses attention on the whole, as well as on the complex interrelationships among its constituen t parts. The systems theory sees all of the aspects of a person and their environment as an individual system and an interrelated system. A social system is a special order of systems†¦ composed of persons or groups of persons who interact and influence each other’s behavior. â€Å"Within this order can be included persons families, organizations, communities, societies, and cultures† (Robbins, Chatterjee & Canda, 2011).The systems theory allows us to examine the focal system from a micro, meso, or macro perspective. Keeping all of the individual systems autonomous, while still being able to conceptualize the interrelatedness of the systems together. Similar to the systems theory, the ecological theory embraces many of the same concepts, but has narrowed the focus, so that it does not include such a broad view of the system. The Ecological theory is an adaptive, evolutionary view of human beings in constant exchange interchange with all elements of their environme nt (Germain & Gitterman, 1980, p. 5).The idea that person and the environment are inseparable and must be considered jointly, is primary assumption of this theory. The person and his or her environment form a unitary system in which each is dependent on the other and directly shapes each other. Application of theory and key concepts The sample of population of this study was derived from a population in the urban areas of Milwaukee. Even though this study did not disclose evidence concerning the ecosystem and the environment of the subjects, it would be fair to assume that they are victims of coercive and exploitive power.The reasoning for this assumption is the geographical location of this study, is known for having a high number of production plants and heavy pollution. The coercive power that is being afflicted is quantified in the study, with the fact, that the subjects do not reside in close proximity to any social services. This study was conducted to measure the affect of ra ising a child with a disability this environment. Further focus was placed on the effects of synergy from a supra system (family) on the focal system (parents), and the possible negative health effects derived from the lack of synergy.The results of this study were divided into two sections. The first section was to assess the effects having a child with a disability (sub system) has on the focal system. The negative energy from a sub system with a disability did have a negative effect on the focal system’s physical health, and homeostasis. The negative impact on the homeostasis of the focal system was attributed to physical impairments of the subjects. However, this was seen only in the older population that was studied and may have been caused by the rise in physical activities that is needed to care for a child with special needs and aging.This aspect supports the concept of adaptation of the focal system to achieve the goodness of fit in their habitat. The lack of mental health disorders in the focal system, may also indicate that entropy from resources in the environment or supra system, may cause the same amount of mental distress in the focal group as a whole. The second purpose of this study was to examine the effect of transactions between the supra system and the focal system. Specifically how the focal system’s homeostasis is affected by the exchange of positive, and negative energy, or entropy.The results of this study partially supported the hypothesis that positive energy transactions between the focal, and supra system is a predictor of the homeostasis of the focal system. The positive and negative mental affect is less when a system has positive energy transactions with the supra system, and in turn, leads to a balanced homeostasis and goodness of fit. In turn, the systems with entropy or negative energy transactions from the supra system are more likely to have reduced coping measures, and a reduced goodness of fit. Emerging patt erns.Examination of this study from a systems perspective did yield an emerging pattern. I was able to access the importance, and interrelatedness of a system. This study provided empirical evidence that systems are interconnected. The transaction of energy from a sub or a supra system will affect the homeostasis of the focal system. This effect may be positive or negative, but none the less, it will affect the focal system. This study also provided evidence that a system will adapt to its environment to achieve a goodness of fit and equal homeostasis.The systems theory was able to help me assess the interrelatedness of the study; however, it did also help me to recognize the limitations of study. One such limitation is narrow focus of the study. I believe for the study to be effective, the authors would have needed to address social concerns, coercive power, and exploitive power, which may be affecting the focal system as a whole. Compressive summery Upon completion of this study I did possess a new knowledge and enlightenment concerning the African American parents of disabled children.This study demonstrated the negative effect on homeostasis and physical health, that is derived from negative energy transactions with the supra and sub systems. However, I am still left with questions concerning the effectiveness of this study. This study was performed in a nondiverse community on a very small sample size. Therefore, I believe that further study is needed, with the focus group living in diverse communities and being subjected to different environmental influences.Furthermore, this target sample was limited to children with mental disabilities, and to effectively assess this subject, the sample must be expanded to include physical disabilities. This study was in an environment that may be oppressed and suffering from systematic discrimination. I was amazed to read that the persons with disabled children were not afflicted with more mental disorders than the pe rsons without disabled children. This aspect raises concern about the environment of the sample group. This study stated that this population is isolated from resources, and has a high unemployment rate as well.All of these factors will affect the wellbeing and homeostasis of a person. Therefore, I believe that further exploration is needed to assess the community stressors and influence on the overall wellbeing and homeostasis of the community. These influences should not be explored only for this study, but to also access need, and provide resources for this population. Resources Ha, J. , Greenberg, J. S. , & Mailick Seltzer, M. (2010). Parenting a child with a disability: The role of social support for african american parents. The Journal of Contemporary Social Services, 92(4), 405-411.Robbins, S. , Chatterjee, P. , & Canda, E. (2011). Contempory human behaivior thoery. (3rd ed. , p. 38). Sadddle River, NJ: Allyn & Bacon. Ellison, C. G. (1990). Family ties, Friendships, and Subj ective Well-Being among Black Americans. Journal of Marriage and the Family, 52(2), 298–310. Germain,C. B. & Gitterman, A. (1980) The Life Model of Social Work Practice. New York: Columbia University Press. Green, R. (1999) Ecological Perspective an eclectic theoretical framework for social work practice (2nd ed. , p. 259-308). New York: Aldine DeGruyyer

Macbeth Soliloquy Log - 1005 Words

â€Å"Macbeth† Soliloquy Log 1.3.128 â€Å"Two truths are told†¦Ã¢â‚¬  The three witches have told Macbeth that he will be Thane of Cawdor as well as becoming king. Macbeth believes that the witches predictions will come true because he has just been announced the Thane of Cawdor. Macbeth is very confused. The tone of this soliloquy is one of bafflement. In fact, he proclaims that the witches’ fortune â€Å"cannot be ill, cannot be good† (130). Given that Macbeth had been told about being king, he’s had terrible thoughts about murdering Duncan which â€Å"unfix [his] hair† and â€Å"make [his] seated heart knock at [his] ribs† (135,136). Macbeth does not want to kill his friend, yet he still desires to become king. It is very ironic that his emotions and mind-set towards Duncan who is his â€Å"friend† has changed because of the fortune that the witches have given Macbeth. 1.7.1. â€Å"If it were done when ‘tis done† Macbeth and his wife are at their castle. Duncan has shown up for dinner as Macbeth has left to rethink the murder that Lady Macbeth has plotted for Duncan. Here Lady Macbeth adds that she wants to be a man because she scorns upon Macbeths lack of courage; she tells him he is â€Å"a coward. Lady Macbeth also says to him that her own lack of pity would expand to murdering her own child as it suckled at her breast. With this she admits that the milk of human kindness is absent in her. Her harshness of Macbeth’s cowardliness convinced Macbeth that he should take on the horrid deed. Macbeth is stillShow MoreRelatedThe Dramatic Uses of Intoxication in Shakespeares Play The Tempest2216 Words   |  9 Pagesbe a typical fairy tale wherein Miranda is destined to become a ‘princess and Ferdinand is ‘Prince Charming. The motif of intoxication plays upon Ferdinands position in life during Ferdinands soliloquy at the start of Act 3, scene 1. In Ferdinands soliloquy, he refers to his task of carrying logs as a kind of ‘baseness which is ‘poor, ‘mean and ‘odious. These are terms which are usually associated with menial labour and in reality a prince would not undertake these tasks, due to their