copyscape plagiarism

Dawson Case Study Prepared for Professor Curti Prepared by Jacob Blanchard 3/23/2015 Table of Contents Life, Medical, Disability, Property and Liability.........................................................................pg 1-3 Long-term care for Sandra's Mother...............................................................................................pg 4 Designing and Funding Buy-Sell Agreements.............................................................................pg 5-7 Dawson Case Study 1. According to the info given to us in question one and using the Insurance Needs Analysis Work Sheet given to us by Leimberg, Doyle & Buck(2012), the Dawsons don't have enough life insurance coverage because their current cash needs consist of $443,000 dollars if Ken were to pass away which includes the final expenses, mortgage and the bank loan that Ken has among other funds and costs that the Dawsons would have left to pay upon his death. Sandra only makes $38,000 which is subtracted from the needs analysis. In the first year of Kens death, not adjusting for interest and growth rates adding in all the income Sandra and children would get, needs for the first year are $33,300 of capital needs, the total need is $476300 and when you take away the current value of their assets which is $972,000 you get a -$495700 which is in the red and is obviously not enough insurance for the current lifestyle the Dawsons are living. 2. To treat the mortgage redemption as an income need, the mortgage would have to not be paid off with a life insurance policy and still have payments on the home if Ken were to die today. 3. Ken might prefer to determine his life insurance needs by using the capital needs analysis(income approach) instead of the financial needs analysis because according to Leimberg, et al.,(2012) on page 631 in the description is that the capital needs analysis takes in to account how the assets that one has currently and may acquire down the line could play into bringing more income into the family in the case of Ken's passing. Kens assets are relatively high so that is why Ken may consider using the capital needs analysis approach instead of the financial needs approach. 4. Any additional insurance on Ken's life should allocated with term insurance being about 50% of new life insurance coverage because term insurance is cheaper and you can always renew the policy if you select a renewable policy, also a convertible policy if you can get both would be beneficial because Ken could convert it into a different type of life insurance policy according to Leimberg, et al.,(2012). Since term life insurance policies don't provide any cash payments unless someone dies during the term that the insurance was purchased for, a universal life policy for 50% of total life insurance bringing the total up to 100%. According to Leimberg, et al, (2012) universal life is very flexible, letting whoever owns the policy to pick how much premium they pay for the life insurance policy and change it down the line, also has a death benefit that is adjustable and lets the insured change their death benefit if different situations occur. Since Ken and Sandra want to lower their tax implications, a universal life would be beneficial because whoever the beneficiaries are generally don't have to pay any federal income tax on the benefits but may have to pay other types of tax according to Leimberg, et al.,(2012) 5. Sandra needs more life insurance because she only has $38,000 of noncontributory group term life insurance through her work and her profit sharing that Ken would receive at death is currently zero, even with Ken's current salary and if she were to die today they would not have enough based on Ken's current salary and Sandras life insurance policy to pay immediate cash needs given in problem one. 6. According to Barlow et al. (2007), information needs to evaluate the adequacy of the Dawson's medical coverage would be circumstances in the family, how much money the family makes and is different for for each person in the family due to these differing factors. 7. If Ken were disabled today at a base salary of $155,000, his disability insurance would cover him for 6 months at 100% of his base salary, and if disabled for longer than 6 months it would be 60% of his base salary which would be $93,000 for 2008. Althought cuts would have to be made, Ken's disability insurance is adequate. Sandra only has her salary continuation plan that would only pay her current salary for 3 months. Sandras disability insurance is not adequate because her disability insurance is only for the short term. Sandra should inquire about a disability policy with a residual disability clause since if she becomes disabled, she would get paid the difference of what she used to make before becoming disabled and what she makes after she was disabled and not being able to perform to her full performance from before she was disabled according to Barlow et al. (2007). 8. The deficiencies in the Dawsons' property insurance coverage is that under the current HO-3 policy that the Dawsons' have is that the dwelling is only covered for $400,000 while their property would cost around $600,000 to fix. In order to address this deficiency in property insurance coverage, a policy that covers at least $600,000 to replace the home in case of total loss. According to Barlow et al, (2007) if a total loss occurred and with the Dawsons' current property coverage that they cannot replace their $600,000 home with a home of a lower cost to make up for the property that was inside the house, jewelry is not usually covered and if it is, it isn't covered by a generous amount. Barlow et al, (2007) states that the jewelry and silverware that was given to Sandra by Ken from his mother should be scheduled within the homeowners policy to make sure that they are covered under the property insurance. Ken and Sandra should increase the amount of property insurance on their policy for their homeowners to equal the amount of valuable possessions and things that would needed to be replaced inside the home. 9. The deficiencies in the Dawsons' liability insurance is the one that is included under their homeowners policy of $100,000. This seems like an awfully low amount for the property that the Dawsons' are currently at. According to Barlow et al, (2007) liability insurance for homeowners policies is included under section II and can include medical payments or injury caused negligently. The Dawsons' children could have friends over and they could get hurt by falling down the stairs or a something negligently placed on a shelf or the roof could collapse on more than one children and it would not be enough to cover all these expenses. Also to cover Sandras photography business, that would also have to be scheduled 10. According to Barlow et al, (2007) long term-care needs aren't usually going to included in Medicare coverage, and if it is, it only is for a certain amount of time before the person will have to pay for it themselves by selling off all personal assets in order to pay for the long-term care expenses. 11. State social assistance programs such as Medicaid are only going to help if the persons assets are liquidated to pay for long-term care and even then a person may not qualify, people who have Medicaid is most likely going to be in a nursing home according to Barlow et al. (2007) 12. Since the Dawsons' assets are over $900,000 and their income is over $35,000 as stated in Barlow et al, (2007) which is way above the recommended income and asset amount to consider long-term care insurance, the Dawson's should consider either setting away some money in savings account to care for Sandras mother or select a long-term care policy that would help them pay these costs if she was to be put in a nursing in the years to come with inflation protection that will protect against inflation that rises year after year according to Barlow et al (2007). 13. Alternative ways that Ken could pay for the additional interest in the business is that he could pay with cash if he was able to come up with the sum that the business would cost 10 years down the line or he can finance it like he did with his 10% that he currently owns. 14. The consequences currently would be that Ken wouldn't be able to buy the remaining stake in the company because he wouldn't be able to afford the current $450,000 without taking out loans to finance the purchase. 15. According to Leimberg et al, (2012) a buy-sell agreement should contain provisions such as the business purpose, what will make the buy-sell agreement occur, and what would happen to during bankruptcy or if the business was dissolved, and also a price that the business would be sold for under the buy-sell agreement. 16. According to Leimberg et al, (2012) the other ways to fund a buy-sell agreement would be that of a cash payment in full, making payments in a specified time frame or borrowing from a lender. 17. The business continuation problems that now exist between Ken and the other vice president is that they don't have a buy-sell with one another when they purchase the remaining stake from the founders. If Ken were to die, the other vice president might not be ready to take on the whole business by himself, financially or mentally and the same with Ken. When the time comes, the two should have a buy-sell agreement with each other that states what happens when one of them passes on to the business and it's assets or if they both die simultaneously, then what will happen to the business, will their stake be handed down to their family members who know nothing about the business or will the business be sold. The life insurance amounts that the Dawsons' have currently aren't adequate and should be adjusted so they can make it a little easier financially for one another if one decides to pass on. Sandra should get long-term care insurance for her mother in case Ken passes away and can't provide financial support for her mother. Ken should enter into a buy-sell agreement with the firms founders and then a buy-sell agreement with the other vice president of the company so they are prepared for the worst that could happen. Increase liability insurance because $100,000 may seem like a lot but if multiple people are hurt on their residence, costs could add up quickly. In conclusion the Dawsons' are pretty well covered but need to improve in a few select areas. References Leimberg, Stephen , Robert Doyle Jr and Keith A Buck. 2008. The Tools & Techniques of Life Insurance Planning. 5th ed. Erlanger, KY: The National Underwriter Company

henry ford

Henry Ford Henry Ford was an American pioneer of the automobile industry and one of the nations many industrialist. Henry Ford was born in 1863. Many people believe that Henry Ford invented the first automobile, which he did not or for that matter invent the assembly line but he was an innovator (para 1,The Henry Ford Resource Guide).Henry Fords first car was the original Model A and it did not sell very well. Innovators don't usually don't invent products or other thing. The first two companies Henry Ford started failed before he decided to start Ford Motor Company (para 2, The Henry Ford Resource Guide.) He didn't just start out making automobiles, in fact he was a very hard worker even before he started Ford Motor Company. He left his family at the young age of 16 years old to work at a machine shop in Detroit and only made $2.50 a week, where he made valves (para 2, Timeline of Henry Ford). Before the Ford Motor Company was started, Henry ford started the Detroit Automobile Company which was financially backed by people were interested and impressed with his first automobile that he designed which was called the “Quadricycle.” The company would fail after the investors got tired of his automobile going nowhere (para 6, Timeline of Henry Ford). Henry Ford reinvented the automobile and transformed America, it had a huge impact on the lives of Americans and people who worked for him. His “You can have any color car you want, as long as it's black,” kept cars cheap and affordable for hard working Americans. His $5.00 a day wage were more than anybody else was paying at the time, after Ford announced the $5.00 a day wage, 10,000 people flocked to Highland Park to apply for jobs. Ford Motor Company was started by Henry Ford and Alexander Malcomson in 1903 and cash on hand was $28,000 that was pumped into Ford Motor Company along with around $21,000 that was to come from private investors(para 8, Timeline of Henry Ford). The first Model A which was produced in 1903 was not very popular and Ford Motor Company did not sell very many cars. This Model A was Ford Motor Companies first automobile that was produced (Vaughan, 2006). Henry Ford had made many cars before the Model T was produced, they consisted of Model A, AC, C, F, K, N, R and S. (para 9, Timeline of Henry Ford). In 1908, Henry Ford and Ford Motor Company start producing the Model T which is his most known car along with the second generation Model A which superseded the Model T. In just a short couple of months, demand for the car is ridiculously high and Henry Ford and Ford Motor Company have to put all the new orders for the Model T on hold because of the high demand (para 10, Timeline of Henry Ford). The Model T was built exactly the same way for every car produced, his car was affordable for most but others could still not afford it.(para 2, PBS.org). As stated before Henry Ford did not invent the assembly line or the automobile but he was an innovator of what already existed. Henry Ford determined to make his cars cheaper he had to make parts the same way each time they were made and not have small differences which would make a certain part not fit the right way in a certain automobile if it was made for a different automobile, he realized that he needed every part to be built the same so that the parts were interchangeable with each other so that every part did not have to be built different, saving time and money with each and every part that came off the line. The parts were originally made by hand which obviously meant that the parts were different each time. After Henry Ford asked Frederick Taylor, who did studies to determine what rate the machines should be ran at, the first moving assembly line in 1913 started to move which Henry Ford got the idea from a meat packing plant in Chicago because of the conveyor belts used (para 4, pbs.org) The Model T proved very successful, Ford Motor Company usually shipped a car every 36 seconds, in the typical 8 hour days. (pg 339, Hughes and Cain). The speed that Henry Ford and Ford Motor Company were producing and shipping cars was astounding, years ago it would take more than a day to make a car let a lone ship a car. When you have interchangeable parts that are made by machine instead of by hand meant that the parts fit each and every car, greatly reducing the amount of time it took to build a car, instead of having to wait for a part to be built for a specific car, all the parts were the same so you could basically plug it into any car and it would fit, something that was not done before the parts were made by machine. It would not be until ten years late that Ford Motor Company and Henry Ford reached their highest level of production which was a Model T every 15 seconds during the day (339, Hughes and Cain). Henry Ford's famous quote, “You can have any car you want as long as it's black,” was not entirely true, but during the time were Henry Ford was pumping out a car out of his factory every 36 seconds and then down to 15 seconds, he needed readily available car bodies ready for parts to be installed and black paint dried the fastest and was the cheapest. Keeping the cars black meant it could also keep the cars affordable so the general population could afford them, during the period of 1914 to 1925, the car indeed only come in black, but after 1925 it came in many different shades of green, red, blue and gray (Kurylko ). The reason Henry Ford had to venture into other colors is because of his competitors that Henry Ford's venture into the interchangeable parts drew interest from other manufactures, Hughes and Cain state that “The American system drew consideriable comment at London's Crystal Palace Exhibition in 1851, where products such as McCormicks reaper, Colt's revolver and Singer's sweing machine were displayed, all of which included interchangeable parts.”(pg340) Henry Ford was also a pioneer in the wage department, in 1913 Henry Ford announced that he would be paying a wage of $5 a day to help with the turnover rate of his workers, it was not so they could afford one of his cars. The turnover rate was so high in 1913 that Henry Ford had to hire more than 52,000 workers to fulfill 14,000 jobs. A lot of the employees that Henry Ford had were tired of the repetitive work that is entailed while working on an assembly line, many of his workers just quit on the spot. As you can see that poses a problem for Henry Ford and Ford Motor Company because if you have workers that quit just on the spot, you have to find somebody to replace them right on the spot or production would be halted and no automobiles would be produced. The turnover was so high that the cost of training was high because of the turnover of workers and the constant delays resulted in Ford Motor Companies cars from being as cheap as he wanted them to be which led to less cars being on the road and less profit in Henry Ford and Ford Motor Companies profits. When workers quit on the spot the assembly line halted costing Ford Motor Company a lot of downtime of the assembly line but training new employees also costs Ford Motor Company money because of the extra time needed to train these employees. As this happened, not every single employee was entitled to the $5 a day wage, you had to meet certain criteria, basically asserting you were a pure “American”. You had to learn English if you were an immigrant and only single women were eligible and men who's wives also worked at a different job were ineligible for the wage increase (Worlstall, 2012). Henry Ford in 1919 stated that he was going to start a different car company that competed against Ford Motor Company but it was just to fool shareholders into selling their shares, Henry Fords brokers bought all the shares of Ford Motor Company back and the family retained control of Ford Motor Company (para 20, Timeline of Henry Ford) As you can see Henry Ford did not invent the assembly line or the automobile but what he did was shape the future of what we have today, Ford Motor Company is still in existence to this day and still owned by the family. Not an inventor but an innovator where Henry Ford took something that already existed and made something better. He not only made the automobile better than it was already being made but Henry Ford put the moving assembly line

googlr

The purpose of this memorandum is to provide a detailed description of Michigan Statute MCL§ 554.139 and the subsections and what it constitutes. Also to provide what the statute means to landlords and what they are required to do. The other purpose is to answer your questions with examples from court cases such as Wilhelmina Keysha Taylor-Floyd vs Consolidated Management, as well as Allison vs AEW Capital Management, L.L.P. The implications of a renter accidentally causes damage or destroying property on purpose will also be discussed. Under Michigan Statute MCL § 554.139(1)(a) a landlord, who is renting out his property to a tenant must keep all the areas that are deemed “common” such as sidewalks, stairwells, etc. are required to be in a condition suitable for what they were designed for. Basically a sidewalk must be clear of debris so tenants are able to walk on it as it was intended for, as well as a stairwell being free of obstruction and being able to freely go up and down the stairs. According to MCL § 554.139(1)(b) a landlord must keep the property repaired in case of a defect in the property for as long as the lease is in effect. If a tenant causes damage to the property on purpose or accidental, the landlord is not responsible to make repairs because the tenants were not acting courteous and being irresponsible to the landlords property. The details in the statute MCL § 554.139(1)(b) state that “except when the disrepair or violation of the applicable health or safety laws has been caused by the tenants willful or irresponsible conduct or lack of conduct,” which means that the landlord would not be responsible for any destruction that the tenant caused intentionally or accidentally. Responsibilities that a landlord has under MCL § 554.139 are that they have to keep areas that are deemed “common” in a suitable condition for use, to repair any defects that happen during the term of the lease unless the tenants purposely or accidentally destructed property and obey all laws. Another responsibility of the landlord is to allow inspection of the premises before signing a lease because if an inspection of a possible tenant is denied the landlord could be trying to hide the fact that the premises are not actually fit for suitable living, also if repairs are not performed when landlord is at fault, multiple lawsuits could arise. In Wilhelmina Keysha Taylor-Floyd vs Consolidated Management, the plaintiff which is Taylor-Floyd who is also a tenant of Consolidated Management, believes she fell on black ice in a parking lot managed by Consolidated Management and believes the ice was formed because of a drainage problem that was draining to the parking lot. Consolidated Management claims to have salted the area where Taylor-Floyd was walking when the fall occurred and Consolidated Management claimed an “open and obvious” defense. The Supreme Court did not believe that black ice was an open and obvious danger because the landlord has an obligation to its tenants to make sure that all areas are suitable for use and cannot use an “open and obvious” defense to get out of performing the necessary tasks required by MCL § 554.139(1)(a). In Allison vs AEW Capital Management, the plaintiff Allison slipped and fractured his ankle while walking one a couple inches of snow, claimed the AEW Capital Management breached its duty under MCL § 554.139(1)(a) because the parking not was not suitable for use and also MCL § 554.139(1)(b) because he also claimed that there was a defect because there was snow on the parking lot that had not been taken care of. The court found that AEW Capital Management did in fact maintain the parking lot because snow and ice are not considered to be a defect because they are natural elements of earth. The parking lot is not considered to be part of premises since the definition does not fit. According to MCL § 554.139, the landlord has to make sure the areas that are deemed to be “common” under MCL § 554.139 are suitable to use by all invitees, which are people that the landlord has invited onto his property. Also the landlord is responsible for making repairs to the tenants apartments when a repair is necessary such as a defect in a pipe or a hole in the floor except when the tenant has caused the damage him or herself, then they are liable for the damages.

ajajfj

Memo To: Lucy R. Benham From: Jacob Blanchard Subject: Internet Research Project Date: November 11th, 2013 The purpose of this memorandum is to provide a detailed description of Michigan Statute § 554.139 and the subsections and what it constitutes. Also to provide what the statute means to landlords and what they are required to do. The other purpose is to answer your questions with examples from court cases such as Wilhelmina Keysha Taylor-Floyd vs Consolidated Management, as well as Allison vs AEW Capital Management, L.L.P. The implications of a renter accidentally causes damage or destroying property on purpose will also be discussed. Under Michigan Statute § 554.139(1)(a) a renter, who is renting out his property to a tenant must keep all the areas that are deemed “common” such as sidewalks, stairwells, etc are

paper 2

Hwang Woo Suk claims to have used the somatic cell nuclear transfer(SCNT) method which where the nucleus, contains the cells DNA is removed and the rest of the cell is thrown away, during this the nucleus of the egg cell is removed. The nucleus of the somatic cell is put into the enucleated egg cell. After being put into the egg cell it is reprogrammed by the host cell and now the egg containing the nucleus of a somatic cell will be stimulated with some short of shock and will begin to divide. The single cell forms a blastocyst, which is an early stage embryo with about 100 cells which will have DNA that is almost identical to the original organism, this is also the same process that was used to create Dolly the sheep.. These are the steps for the method that Hwang Woo Suk claimed to create an embryonic stem cell line.In 2004 Hwang and his team claimed they had created an embryonic stem cell with the SCNT method and their paper was published in the March 12, 2004 issue of Science. Hwang already had established a sort of trustworthiness from his experiences in animal cloning due to his claims being received typically well by the South Korean media and even people of South Korea, also until 2004 his research was based on creating livestock the was genetically modified. Hwangs claim was typically surprising because it was the only success reported in human somatic cell cloning. Also it was considered basically impossible because primates have such a complex development. Hwang also claified that he and his team used 242 eggs to create one single cell line.

Hwang's team in May 2005 had also claimed a even more outstanding achievment, where they claimed to have created 11 human embryonic stem cells using 185 eggs, and once again was published in the June 17, 2005 issue of Science. Also it was viewed at as a “breakthrough” in biotechnology because the cells were from patients who all had a different age and also had different genders, as with the stem cell of 2004 was only created with eggs and somatic cells from a single female person. Immune reactions would be extinct because each patient could receive a custom treatment.

Hwang also criticized former President George W. Bush for his policies on stem cell research and was also named in Time magazine as one of the “People Who Mattered 2004” and claimed Hwang “has already proved that human cloning is no longer science fiction, but a fact of life.” Hwang also cloned a dog, an Afghan Hound which is named Snuppy and has been verified through genetic testing. After his 2005 work, Hwang was named to lead the new “World Stem Cell Hub.” One of Hwang's colleagues Gerald Schatten decided to end his working relationship with Hwang because of the egg donations that went on during Hwang's research in 2004. Roh Sung-il who is one of Hwang's close colleagues and the head of the MizMedi Women's Hospital. Roh conducted a news conference where he admitted to paying multiple women up to $1,400 each for their egg donations, and these eggs were later used in Hwang's research, which Roh said the Hwang had no idea that Roh paid women for donating their eggs. “PD Su-cheop” which is a investigative reporting show brought up a possible code of conduct that was unethical in acquiring the egg cells from the women. The facts were accurate of the report but supports of Hwang said the criticicism of his work was unpatriotic and companies even withdrew their support for the show. In Seoul on November 24 a press conference where
Hwang said he was intending to step down from most of his posts that were official, where he officially
apologized and said that he “was blinded by work and my drive for achievment.” Hwang also said he was not honest about the way the eggs were received was to protect the donors and he was not aware that it violated ethical guidelines.
In November 2005, Hwang would become the suspect of scientific misconduct, as the result of his 2005 research was much more efficient then he and his team had hoped for. His creditibility as a scientists and researcher was put on a brink when the “PD Su-Cheop” had decided to go ahead with a report which would in fact question Hwangs results that were published in June 2005 in Science, where it said that he cloned 11 lines of embryonic stem cells. Many South Koreans were appalled at such a claim, and when Kim Sun-Jong, who was one of Hwang's colleagues from MizMedi was persuaded(illegally) to testify against Hwang. The broadcast was canclled and a national apology was made and then multiple mass-media organizations also began to inquire about Hwangs so called “claim to fame.” Also photos supposedly different cells, were actually the same cell, which Hwang said that the photos were not meant to be included in the submission that he and his team submitted and Science confirmed that there was no dublication in the submission. Science removed Gerald Schatten's name from the paper for the reason that “someone involved with the experiments that certain elmets of the report maybe be fabricated”.

paper

Hwang Woo Suk claims to have used the somatic cell nuclear transfer(SCNT) method which where the nucleus, contains the cells DNA is removed and the rest of the cell is thrown away, during this the nucleus of the egg cell is removed. The nucleus of the somatic cell is put into the enucleated egg cell. After being put into the egg cell it is reprogrammed by the host cell and now the egg containing the nucleus of a somatic cell will be stimulated with some short of shock and will begin to divide. The single cell forms a blastocyst, which is an early stage embryo with about 100 cells which will have DNA that is almost identical to the original organism, this is also the same process that was used to create Dolly the sheep.. These are the steps for the method that Hwang Woo Suk claimed to create an embryonic stem cell line. As you can see Hwang had all the steps in place to create a feasible line of work that was believable by many people.

In 2004 Hwang and his team claimed they had created an embryonic stem cell with the SCNT method and their paper was published in the March 12, 2004 issue of Science. Hwang already had established a sort of trustworthiness from his experiences in animal cloning due to his claims being received typically well by the South Korean media and even people of South Korea, also until 2004 his research was based on creating livestock the was genetically modified. Hwangs claim was typically surprising because it was the only success reported in human somatic cell cloning. Also it was considered basically impossible because primates have such a complex development. Hwang also claified that he and his team used 242 eggs to create one single cell line.

Hwang's team in May 2005 had also claimed a even more outstanding achievment, where they claimed to have created 11 human embryonic stem cells using 185 eggs, and once again was published in the June 17, 2005 issue of Science. Also it was viewed at as a “breakthrough” in biotechnology because the cells were from patients who all had a different age and also had different genders, as with the stem cell of 2004 was only created with eggs and somatic cells from a single female person. Immune reactions would be extinct because each patient could receive a custom treatment.

Hwang also criticized former President George W. Bush for his policies on stem cell research and was also named in Time magazine as one of the “People Who Mattered 2004” and claimed Hwang “has already proved that human cloning is no longer science fiction, but a fact of life.” Hwang also cloned a dog, an Afghan Hound which is named Snuppy and has been verified through genetic testing. After his 2005 work, Hwang was named to lead the new “World Stem Cell Hub.”