Martha has not made any taxable gifts in her past Check and complete the excel spreadsheet of
Question:
Martha has not made any taxable gifts in her past
Check and complete the excel spreadsheet of total assets. ASSUME BENNY DIES ON DECEMBER 31, 2020.
Prepare a Reconciliation of Gross Estate to the Marital Deduction separate schedule. It should be a word file presentation. ASSUME BENNY DIES ON DECEMBER 31, 2020.
Prepare an Expenses Allocated to the Marital Portion separate schedule. It should be a word file presentation. ASSUME BENNY DIES ON DECEMBER 31, 2020.
The following is an example of how the “Reconciliation of Gross Estate to Marital Deduction” and “Expenses Allocated to the Marital Portion” schedules should look. The Reconciliation should begin with the Gross Estate total taken from the spreadsheet, list the appropriate deductions and Assets qualifying for the marital deduction. The Expenses begin with the Qualified Marital Deduction taken from the Reconciliation, list appropriate expenses, and the final marital deduction
Review the Seven Estate Planning Goals:
A. Minimize estate taxes.
B. Fund college education for the five grandchildren
C. Set up a special needs trust for Ivan’s future needs.
D. Ensure that the vacation home is a permanent family home for the children and the grandchildren.
E. Keep 100 percent of the business in the family.
F. Maintain control of the business until retirement at which time James and Joe will take over.
G. Transfer an additional $2 million to the Wounded Warrior Project at some time in the future.
Prepare a word file with the listing of suggested estate planning steps to meet their Seven Estate Planning Goals listed above. Make suggestions for each of the seven goals.
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson