MAA319 – Estates Planning and Insurance - Insurance Assignment Help

Assignment Task

Description
You are a financial adviser and have new clients, Connor and Ju (Daisy) Lee, who have made an appointment with you to obtain some assistance with their Estate Planning needs. In the first meeting with Connor and Ju (Daisy) you made the following notes on the personal circumstances of their family, together with estate planning issues that are of concern to them.
Connor and Ju (Daisy) Lee
• Live at 12 South Rd, Mentone, VIC
• Connor is aged 55 and a butcher, Ju, aged 52 years, works as beautician.
• They married 6 years ago after Connor divorced his first wife and Ju’s husband died.
• Connor has a Will dated 11 March 2010 while Ju has never had a will. Connor’s executor is his first wife Marnie, who was also named as his general and enduring Power of Attorney. Neither Connor nor Ju have any other Powers of Attorney.

• Issues that concern Connor and Ju are as follows:
- They wish to help various grandchildren with their education and would like this to continue when they both die.
Connor Lee(55)
Ju (Daisy) Lee(52)
Jeff Lee(32) Connor's son from his first marriage
 Massimo Giordarno (24) Ju
(Daisy)'s son from her first marriage
Shay Giodarno (19) Ju's daughter from her first marriage
- Connor has spent over $10,000 in recent years on music and has an extensive iTunes collection and would like to leave this to Jeff who has acquired his father’s love of music.
- Their goal is to ensure that the survivor of them is comfortable in retirement and that, when the survivor dies, the total estate is divided between their 3 children.
- They are concerned that both of Connor’s parents suffered from dementia by the time they reached their early 70’s.
- Jeff is married to Farah, and they have one son Sheldon (aged 4)
- Connor is concerned that, if one of his employees is negligent, he will be sued.
- Ju is concerned that, if she died first, Connor might remarry and her children from her first marriage may be disinherited.

Learning Outcomes

ULO 1: Illustrate an in-depth understanding of the creation of wills, powers of attorneys, binding health directives and estate administration processes.

ULO 2: Analyse and develop estate planning strategies that incorporate the testamentary trust framework, promotes asset protection and maximises the tax status of beneficiaries.

ULO 3: Propose strategies within the superannuation environment and the taxation of death benefits by utilising extensive professional knowledge.

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