3) What are the tax consequences if gifted his life insurance policy on 12/31/23: John would...

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3) What are the tax consequences if gifted his life insurance policy on 12/31/23: John would like to know the tax consequences and filing requirements if he gifts his life insurance equally to his three grandchildren. Assume that Mary will elect to gift spilt and that the interpolated cash value equals the FMV as of 12/31/23 on the balance sheet. Please note, do not assume that this is being gifted when calculating the gross estate. John Total Gift at 12/31/23 Less: Gift Tax Exclusion - John Less: Gift Tax Exclusion - Mary Net Taxable gift Total $0 $0 $0 $0 Mary $0 $0 Life Insurance - Policy #1 Insured Owner Beneficiary Contingent Beneficiary Face Amount Type of Policy Anniversary Date Total Contributions Annual Premium Life Insurance - Policy #2 Insured Owner Beneficiary Contingent Beneficiary Face Amount Type of Policy Anniversary Date Total Contributions Annual Premium John Hess John Hess Mary Hess Edward and Brent Hess - 50% each $2,000,000 Universal Life June 30, 2001 $588,000 $28,000 Mary Hess Mary Hess John Hess Edward and Brent Hess - 50% each $400,000 Universal Life June 12, 1992 $150,000 $5,000 3) What are the tax consequences if gifted his life insurance policy on 12/31/23: John would like to know the tax consequences and filing requirements if he gifts his life insurance equally to his three grandchildren. Assume that Mary will elect to gift spilt and that the interpolated cash value equals the FMV as of 12/31/23 on the balance sheet. Please note, do not assume that this is being gifted when calculating the gross estate. John Total Gift at 12/31/23 Less: Gift Tax Exclusion - John Less: Gift Tax Exclusion - Mary Net Taxable gift Total $0 $0 $0 $0 Mary $0 $0 Life Insurance - Policy #1 Insured Owner Beneficiary Contingent Beneficiary Face Amount Type of Policy Anniversary Date Total Contributions Annual Premium Life Insurance - Policy #2 Insured Owner Beneficiary Contingent Beneficiary Face Amount Type of Policy Anniversary Date Total Contributions Annual Premium John Hess John Hess Mary Hess Edward and Brent Hess - 50% each $2,000,000 Universal Life June 30, 2001 $588,000 $28,000 Mary Hess Mary Hess John Hess Edward and Brent Hess - 50% each $400,000 Universal Life June 12, 1992 $150,000 $5,000

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When John gifts his life insurance policy to his grandchildren on 123123 there are several tax consequences to consider 1 Gift Tax Consequences The to... View the full answer