1) Martha, a 75-year- old widow, owns more than $8 million in assets. Martha’s son, Jonathan, has two children, ages 10 and 13. Her daughter, Annie, also has two children, ages 9 and 13. Martha has decided that she wants to begin giving her assets to her grandchildren so she can minimize the size of her estate. She specifically wants to provide for her four grandchildren’s college education. What planning opportunities can you suggest so that Martha can provide for her grandchildren’s education while minimizing any transfer taxes?
2) Throughout this course you have been learning the importance of having good financial management. Let’s have an open discussion about financial plans. Will the financial plan you made be helpful in planning your future? Give us your thoughts on the whole process and its benefits to you.
3) 1. Many scholars have set some standards to judge a system for taxation for its validity. How can you decide if a tax is good or bad? You can consider these five following principles for your Discussion. What do these issues mean? How do you think they matter? Adequacy Equity Exportability Neutrality Simplicity What other tax revenue systems could you consider? How do you think they would be better or worse?
2. What role do taxes play in political issues?
3. What is your opinion of a flat tax as some politicians have proposed?
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