Hide Assignment InformationTurnitin®This assignment will be submitted to Turnitin®.InstructionsSubmit a memo describing how you will incorporate trusts into the estate plan you started in Milestone

TAX 665 Final Project Part I Milestone Two Guidelines and Rubric You will submit a memo describing how you will incorporate trusts into the estate plan you started in Milestone One. Include a quantitative model (in Excel) explaining how the use of the trusts and the family limited partnership can reduce the family’s estate tax over time. Show ho w the transfer of ownership in the present via gifts or the formation of trusts will ensure a greater appreciation in value of the younger generation’s ownership interests in the family enterprise over time. Conclude whether or not the strategy is worthwhile and is ethically sound. Cite appropriate statutory authority, case law, and/or AICPA Cod e of Conduct or ABA Model Rules of Professional Conduct to support your conclusions. Specifically, the following critical elements must be addressed: I. Utilize intentionally defective grantor trusts to accomplish long -term minimization of the client’s tax liability. Consider the mechanics of these estate planning vehicles and the appropriate authority to cite. II. Tables and Calculations: Excel Documentation A. Consider how the strategy maximizes the amount of transferred wealth to the client’s children over time and explain the amount in an Excel spreadsheet. B. Given the income tax consequences , conclude whether or not the strategy is worthwhile and is ethically sound. Consider justifying the strategy in comparison to an alternative transaction. Guidelines for Sub mission: Your paper must be submitted as a 2 –3-page Microsoft Word document with double spacing, 12 -point T imes New Roman font, one - inch margins, and at least three sources cited in APA format. Submission must include an Excel spreadsheet explaining the am ount of transferred wealth over time. Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Introduction: Grantor Trusts Utilizes intentionally defective grantor trusts to accomplish long - term minimization of the client’s estate tax liability Utilizes intentionally defective grantor trusts, but details do not show a minimization of the client’s tax liability Does not utilize intentionally defective grantor trusts 30 Tables: Transferred Wealth Over T ime Assesses the amount of wealth that will be transferred to the children over time Assesses the amount of wealth that will be transferred, but details are cursory Does not assess the amount of wealth that will be transferred 30 Tables: Tax Consequences Analyzes the personal income tax consequences and costs as a result of the strategy and concludes whether or not the proposed strategy is worthwhile and ethically sound Analyzes the personal income tax consequences and costs as a result of the strategy an d concludes whether or not the proposed strategy is worthwhile and ethically sound, but details are irrelevant or cursory Does not analyze the income tax consequences and costs as a result of the strategy and does not conclude whether or not the proposed s trategy is worthwhile and ethically sound 30 Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organizat ion that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10 Total 100%