How is the federal estate tax computed?
Answer to relevant QuestionsWhat was the impact of the Economic Growth and Tax Relief Reconciliation Act of 2001 on the conveyance of property? What is the alternate date for valuing the assets of an estate? When should this alternate date be used?Other than financial considerations, why should individuals consider preparing a valid will?Define each of the following terms:a. Will.b. Estate.c. Intestate.d. Probate laws.e. Trust.f. Inter vivos trust.g. Charitable remainder trust.h. Remainderman.i. Executor.j. Homestead allowance.Jerry Tasch’s will has the following provisions:• $150,000 in cash goes to Thomas Thorne.• All shares of Coca-Cola go to Cindy Phillips.• Residence goes to Kevin Simmons.• All other estate assets are to be ...
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