Utilizing the concepts from the readings from this week
Utilizing the concepts from the readings from this week (posted below), 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.
Cite a minimum of two (2) scholarly peer reviewed sources (beyond your textbook or the Bible) applying APA guidelines (250-450 word count range).
- 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; and
- Gen. 1:26-30; Psalm 24:1, 115:15-16 (Creation Mandate and Dominion).
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Solution Preview
The type of property that one can hold are classified into real and personal property. Real property is land and what is attached to the land which might include trees, crops and a house. Personal property is property owned by an individual but is not connected to the real property, and personal properties may consist of grains after harvesting, television, car, clothes and other practical, tangible things. In the case of the entrepreneur, we are helping retain his ownership, and the ten million dollar worth estate comprises both these two classes of property.
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