Solved by verified expert:I will need 2 responses to the following 2 discussion board posts. (see attached)Original prompt from the discussion board – Utilizing the concepts from the readings from this week, post a message that explains, from your perspective, how an entrepreneur who has amassed a ten million dollar estate consisting of both personal and real property should protect her property while living and yet ensure that the estate is passed on to her heirs. Include a biblical perspective on (or biblical principles regarding) asset management.Text from the week -Liuzzo, A. L., & Hughes, R. C. (2019). Essentials of Business Law (10th ed.). New York, NY: McGraw Hill Education:Chapter 16, Transfer of Title;Chapter 24, Real and Personal Property;Chapter 25, Bailments;Chapter 26, Landlord-Tenant Relations;Chapter 27, Wills, Intestacy, and Trusts; andGen. 1:26-30; Psalm 24:1, 115:15-16 (Creation Mandate and Dominion).For the 2 responses – In addition, learners post a minimum of two responses to peer initial responses. The peer response should include additional research that expands upon one of key points noted in your peers initial response. The peer reply should be composed in a professional manner with a word count range of 150-350 words each.
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Post #1 Clarissa Hodge
By amassing a ten-million-dollar estate, our entrepreneur has demonstrated wisdom and
business acumen. In order to properly protect her investments and the estate, hopefully, she has
surrounded herself with wise mentors and a board of directors, including an attorney and
accountant. This board can advise her and make recommendations for the proper management of
her assets in the here and now as well as in the future.
There are two legal devices that she could utilize to manage her assets: a trust and a will.
By setting up a trust, the entrepreneur could benefit from favorable tax benefits now as well as
designate a trustee to oversee her assets and dispersion of funds. “One of the benefits of a trust is
that it allows the legal title of property to be separated from the benefits of ownership” (Liuzzo
and Hughes, 2019, p 447). A “will is a person’s declaration of how he or she wishes property to
be distributed upon his or her death” ((Liuzzo and Hughes, 2019, p 442). “A good person leaves
an inheritance for their children’s children, but a sinner’s wealth is stored up for the righteous”
(Proverbs 13:22, New International Version).
With this sizable estate, it is crucial that a succession-plan be implemented, and future
leaders be identified, evaluated and developed. “The importance of leadership changeover and
the high failure rate of new leaders suggest that succession planning should not be left to chance”
(Hackman and Johnson, 2013, p 402).
Finally, successive leaders and heirs need guidance in the area of stewardship. When
one has been entrusted by God with talents and resources, he expects them to invest in His
kingdom by giving. As Luke12:48b says “From everyone who has been given much, much will
be demanded; and from the one who has been entrusted with much, much more will be asked”
(NIV). David Pascoe described Christians as “temporary custodians and stewards” which the
ultimate foundation of biblical asset management. “Essentially the mission of the Church
community and every Christian is that the kingdom of God may come, and the salvation of the
human race may be accomplished” (Pascoe, 2013, p 33).
Hackman, M., & Johnson, C. (2013). Leadership A Communication Perspective Sixth Edition.
Long Grove, Il: Waveland Press, Inc.
Liuzzo, Anthony L. and Hughes, Ruth C. (2019). Essentials of Business Law, Tenth
Edition. New York, NY: McGraw-Hill Education.
Pascoe, D. (2013). Living as god’s stewards: Exploring some theological foundations.
Australasian Catholic Record, the, 90(1).
Post #2 William Gott
As an entrepreneur, amassing a multi-million dollar estate is certainly something to be
proud of for you and the one you leave behind. The important part is to make sure your
property is protected now and after you have passed away, so that your beneficiaries can
enjoy this accomplishment as well.
The woman in question has both real and personal property. The difference
between the two is real property consists of land and anything attached to it, while personal
property is the tangible and intangible property other than lan (Liuzzo, 2019, p.248).
When it comes to estate planning, there are two common ways to protect your
property. You can have living trusts or wills, or you could utilize both. A trust is more
common while you are still living. A trust is a legal entity that owns the property and assets
you place in it. You name a trustee (often yourself during your lifetime, so you will also need
a successor trustee) and then impose terms of your choosing on the trust’s management of
those assets. (Reeves 2017)
A will, which most people are more familiar, is used after a loved one passes away
and ensures the correct people get possession of property. A Will is a “written document
outlining your choices about who will receive your property you own only in your name and
how it will be divided when you die. If you have children under the age of 18, you can also
name someone to be their guardian in your Will.” (D.C. Bar 2016). When writing a will you
must be of sound mind, be in the presence of two adult witnesses, and finally sign your will.
Any of these two options would suffice for the entrepreneur to protect her property
long after she is gone. Looking back on our faith as guidance, the book of Numbers gives a
verse passing on our land to others. “And you shall take possession of the land and settle in
it, for I have given the land to you to possess it. You shall inherit the land by lot according to
your clans. To a large tribe you shall give a large inheritance, and to a small tribe you shall
give a small inheritance. Wherever the lot falls for anyone, that shall be his. According to the
tribes of your fathers, you shall inherit.” (Numbers 33:53-54 NIV)
Liuzzo, A. L. (2019). Essentials of Business Law (10th ed.). New York, NY: McGraw Hill.
Reeves, J. (2017, January 01). Estate Planning: Wills, Trusts and Other Tools. Retrieved
March 27, 2019, from https://www.aarp.org/money/budgeting-saving/info2016/the-ultimate-guide-to-estate-planning.html
Washington DC. (2016, July 15). Retrieved March 27, 2019, from
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