Shelly Finance Assingment Help With Solution

Shelly’s assets include money in checking and saving accounts, investments in stocks and mutual funds, and personal property such as furniture, appliances, an automobile, a coin collection, and jewelry. Shelly calculates that her total assets are $165,200. Her current unpaid bills, including an auto loan, credit card balances, and taxes, total $21,300. Calculate Shelly’s net worth.

1. Beverly Foster is planning for her retirement. She has determined that her car is worth $10,000, her home is worth $150,000, her personal belongings are worth $100,000, and her stocks and bonds are worth $300,000. She owes $50,000 on her home and $5,000 on her car. Calculate her net worth.

2. What are the responsibilities of an executor?

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1. Make a list of the criteria you will use in deciding who will be the guardian of your minor children if you and your spouse die at the same time.

2. On December 31, 2014, George gives $14,000 to his son and $14,000 to his son’s wife. On January 1,
2015, George gives another $14,000 to his son and another $14,000 to his son’s wife. George made no other gifts to his son or his son’s wife in 2014 and 2015. What is the gift tax?

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