John Doe's Will States That All Assets He Had Should

question 39

Essay

John Doe's will states that all assets he had should be transferred to a trust to cover living expenses for his spouse,who he feels will not be able to handle her own financial affairs without advice and supervision.Upon his spouse's passing,the trust will be converted to cash and distributed to their only daughter,Jane.The probate court already ruled on which assets could be excluded from the estate,and all tax issues were addressed,leaving the following inventory of assets from the estate:
$$\begin{array} { | l | r | r | } \hline \text { Asset } & \text { Cost } & \text { Fair Value } \\ \hline \text { Cash } & 206,000 & 206,000 \\\hline \text { Certificates of Deposit } & 250,000 & 250,000 \\\hline \text { Investments/Mutual Funds } & 354,116 & 2,780,500 \\\hline \text { Residence } & 34,000 & 190,000 \\\hline \text { Ocean front cottage } & 78,000 & 560,000 \\\hline \text { Pepper mill collection } & 2,070 & 3,900 \\\hline\end{array}$$ Required:
Prepare the journal entry for the creation of the trust.

Recognize the role of culture, norms, and values in defining what is considered deviant behavior.

Understand the concepts of higher-consensus and lower-consensus deviance.

Identify the impact of labeling on deviant behavior and social perception.

Discuss the importance of considering an individual's background and context in the analysis of deviant behavior.

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Definitions:

Boards of Directors

Governing bodies elected by shareholders to make major decisions regarding a corporation's affairs, including setting strategies and overall management oversight.

Merger

The combination of two or more companies into a single legal entity, typically with the goal of achieving operational synergies or strategic advantages.

Appraisal Right

The right of a dissenting shareholder, if he or she objects to an extraordinary transaction of the corporation (such as a merger or consolidation), to have his or her shares appraised and to be paid the fair value of the shares by the corporation.

Federal Statute

A law enacted by the national government that applies across the entire country.