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ACC 547 Week 6 Godfreys Assets New Work

  • ACC 547 Week 6 Godfreys Assets New Work
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  • ACC 547 - Week 6 - Godfreys Assets.docx

ACC 547 Week 6 Godfreys Assets NEW

 

When Godfrey died in 2016, his assets were valued as follows:

 

Asset   Date of death valuation          Valuation six months later

Stocks $2,220,000      $2,180,000

Bonds  4,600,000        4,620,000

Home  800,000           780,000

Total    $7,620,000      $7,580,000

 

The executor sold the stock two months after the decedent's death for $2,200,000. The bonds were sold seven months after the decedent's death for $4,630,000. What valuation should be used for the gross estate?

Prepare a 350- to 700-word document that addresses and includes the amount of taxable estate for each of the following:

  • Address the question at the end of the scenario.
  • If Godfrey came to you before his death and told you that he had a spouse and two children under the age of 18, what kind of estate plan would you suggest for him?
  • What if Godfrey had no spouse but had two children under the age of 18?
  • What if Godfrey had no spouse or children, but had a favorite niece?

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