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24 Aug 2018

Please explain as throughoughly as possible what gifts of partial intersest are in estate planning, as well as describe how they are used as a liftime transfer tool. Please describe the advantages and disadvantages of these gifts as well (if possible).

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Tod Thiel
Tod ThielLv2
26 Aug 2018

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Related questions

Does portability apply to lifetime gifts?

(A) Yes, since lifetime gift tax exclusion and the estate tax exclusion are expressed as a total amount, it is possible to use this exclusion to transfer assets at either stage or a combination of the two.

(B) No, portability only applies to estate transfer tax system.

Can you provide a detailed explanation for your answer? Please only answer if you have a strong background in estate planning.

How are sales & loans used as lifetime tranfer tools in estate planning? What are the reasons/advantages and threats/disadvantes of using these tools?

Estate Planning

Please provide little explanation with the answers. ...............................................................................................

1- As a result of successful business investments made during their 35 years of marriage, Peggy and Bob have acquired substantial wealth. To reduce their estates and minimize taxes, their financial planner suggests they start a gifting program to their children and grandchildren. Assuming no prior gifts, if they elect to gift split, what is the maximum amount Peggy and Bob could give directly to their grandchildren (ignoring the annual exclusion) without incurring a generation-skipping transfer tax?

(A) $5,430,000.

(B) $2,000,000.

(C) $10,860,000.

(D) $3,000,000.

...............................................................................................

2- Which of the following statements concerning the federal estate tax marital deduction is (are) correct?

I. It applies only to decedents of common-law states.

II. It applies only to property interests included in a decedent’s gross estate.

(A) I only.

(B) II only.

(C) Both I and II.

(D) Neither I nor II.

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