3. When would you recommend using an individual account, a joint tenancy with right of survivorship...

3. When would you recommend using an individual account, a joint tenancy with right of survivorship account, and a tenancy by the entirety account for your monetary assets?

7. Have you ever had a disagreement with a friend or family member over a money is-sue? How might you communicate differently now?

both questions please

Expert Solution

3. Solution: Recommendation of individual account- Individual account are owned by an individual whose primary motive is to save the amount for his future,or an investor who deposits his/her gains in the business.

Recommendation of joint tenancy with right of survivorship account- joint tenancy with right of survivorship account is a type of account which is owned by minimum two people,whereas the rights for the assets in the account will be equally divided and when a partner dies ,the other receives all the money.This account is preferred for business partners and couples with no dispute in relationship,because if the couple applies for divorce no loan will be released for such account.

Recommendation of tenancy by the entirety account- Tenancy by the entirety account is a type of concurrent estate in real property that occurs when the owners are married to each other,both will have equal rights on that account.So,if anyone dies the right of the account will be transferred to the other.The status of ownership of account will changes in the event after divorce ,this time tenancy by the entirety will be terminated.Hence,tenancy by the entirety account is preferred only for married couples.

7. Solution: I had an argument with my business partner over money issue, so after few days we ended up by reviewing up our partnership agreement and incorporation papers,so after knowing what is included in the paper we sorted our issue.So until this day we used to have a talk only on business views and i recommend you to have a neutral third party to assist you with the communication and to find any acceptable resolution to solve the issue.I prefer to consult a business psychologist or a neutral friend to resolve your issue.

jeff jeffy answered 4 months ago

Gordon purchased real estate for $900,000 and listed title to the property as “Gordon and Fawn, joint tenants with right of survivorship.”

Gordon purchased real estate for $900,000 and listed title to the property as “Gordon and Fawn, joint tenants with right of survivorship.” Gordon predeceases Fawn when the real estate is worth $2,900,000. Gordon and Fawn are brother and sister. a. Did a gift occur when the real estate was purchased? Explain. b. What, if any, are the estate tax consequences upon Gordon’s death? c. Under part (b), would your answer change if it was Fawn (not Gordon) who died? Explain.

When you are using Tally, everything you need is right there when you need it. You...

When you are using Tally, everything you need is right there when you need it. You can edit vouchers from within the Balance Sheet, change the Stock groups from within Stock Summary and so much more. It just operates the way you expect it to; this is such a delight to use, that you would almost feel like it’s made for you. Analyse the statement from your own experiences with the Tally software. (200 Words)

3) Which FOB method would you recommend - what would influence your decision? (would you use...

3) Which FOB method would you recommend - what would influence your decision? (would you use the accounting answer - it depends?) in 200 words

Discuss the first 3 steps you would take when using an AED.

Based only on the concept of demand elasticity: When would you recommend raising the price of...

Based only on the concept of demand elasticity: When would you recommend raising the price of the good? Explain why. When would you recommend lowering the price of the good? Explain why. When would you recommend keeping the price of the good unchanged? Explain why.

What policy would you recommend to incentivize private foresters to account for the non-timber amenity values...

What policy would you recommend to incentivize private foresters to account for the non-timber amenity values associated with old growth forest? Justify your choice with an explanation.

QUESTION 3. A joint account involves an account owned and operated by two or more individuals...

QUESTION 3. A joint account involves an account owned and operated by two or more individuals other than a partnership or trust. As a banker, how will you handle the following situations relating to joint accounts? (a) Explain in detail the two incidents of Joint Accounts – Right of survivorship and Joint Liability – to Mr. & Mrs. Dacosta Aboagye who have requested to open a joint account with your bank [8 MARKS] (b) List and explain 6 clauses that...

1) Using the FASB coding system as a guide, which depreciation method would you recommend for...

1) Using the FASB coding system as a guide, which depreciation method would you recommend for a business within the computer manufacturing industry? a * Do you consider that management should be able to determine both the number of years of useful life and the salvage value of fixed assets? b * Should it be part of the responsibilities of the accountant to define the standard that should be applied to all assets? 2) taking into account GAAP and the...

Provide three reasons why you would not recommend mixing nitrogen fertilizer into the backfill when planting...

Provide three reasons why you would not recommend mixing nitrogen fertilizer into the backfill when planting a 3-inch caliper dormant tree in March.

When evaluating Newell's acquisition of Calphalon and Rubbermaid, would you recommend any alternative expansion modes?

Question