TAX 665 Final Project Part I Milestone Assignment Help
TAX 665 Final Project Part I Milestone Two Guidelines and Rubric You will submit a memo describing how you will incorporate trusts into the estate plan you started in Milestone One. Include a quantitative model (in Excel) explaining how the use of the trusts and the family limited partnership can reduce the family’s estate tax over time. Show how the transfer of ownership in the present via gifts or the formation of trusts will ensure a greater appreciation in value of the younger generation’s ownership interests in the family enterprise over time. Conclude whether or not the strategy is worthwhile and is ethically sound. Cite appropriate statutory authority, case law, and/or AICPA Code of Conduct or ABA Model Rules of Professional Conduct to support your conclusions. Specifically, the following critical elements must be addressed:
I. Utilize intentionally defective grantor trusts to accomplish long-term minimization of the client’s tax liability. Consider the mechanics of these estate
planning vehicles and the appropriate authority to cite. II. Tables and Calculations: Excel Documentation
A. Consider how the strategy maximizes the amount of transferred wealth to the client’s children over time and explain the amount in an Excel spreadsheet.
B. Given the income tax consequences, conclude whether or not the strategy is worthwhile and is ethically sound. Consider justifying the strategy in comparison to an alternative transaction.
Guidelines for Submission: Your paper must be submitted as a 2–3-page Microsoft Word document with double spacing, 12-point Times New Roman font, one- inch margins, and at least three sources cited in APA format. Submission must include an Excel spreadsheet explaining the amount of transferred wealth over time.
Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value
Introduction: Grantor Trusts Utilizes intentionally defective grantor trusts to accomplish long- term minimization of the client’s estate tax liability
Utilizes intentionally defective grantor trusts, but details do not show a minimization of the client’s tax liability
Does not utilize intentionally defective grantor trusts
30
Tables: Transferred Wealth Over Time
Assesses the amount of wealth that will be transferred to the children over time
Assesses the amount of wealth that will be transferred, but details are cursory
Does not assess the amount of wealth that will be transferred
30
Tables: Tax Consequences Analyzes the personal income tax consequences and costs as a result of the strategy and concludes whether or not the proposed strategy is worthwhile and ethically sound
Analyzes the personal income tax consequences and costs as a result of the strategy and concludes whether or not the proposed strategy is worthwhile and ethically sound, but details are irrelevant or cursory
Does not analyze the income tax consequences and costs as a result of the strategy and does not conclude whether or not the proposed strategy is worthwhile and ethically sound
30
Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization
Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas
Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas
10
Total 100%
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