Describe and explain five pre-death planning opportunities that might reduce Roberts taxable estate. (5 points)

Robert (65) and Rachel (50) Green live in Springfield, Missouri, have three children, Nicole (23), Ryan (21) and Danielle (15) and six grandchildren. Rachel has a daughter, Paula (30), from a previous marriage. Robert, a veterinarian, owns an animal hospital, Green Animal Care LLC, with 25 employees. Rachel is a CPA at an international accounting firm. Robert and Rachel own the following assets. *Robert was the original owner of the policy. He transferred the policy to the ILIT last year. There was no taxable gift when the ILIT was funded. The death benefit is $3,000,000 and all four children are the beneficiaries of the trust. Robert is the beneficiary of the First Family Trust created by his parents in 2008. Robert has the right to withdraw 8% of the trust each year until December 31. The balance of the trust each year is $8,450,000. Robert exercised his withdrawal right every year through 2020 . He did not exercise his withdrawal right between 2021 and this year. Robert gave $40,000 cash to each of his three children in 2020 . Rachel did not split the gifts with him and those were the only gifts he made that year. He paid $6,530 in gift tax on the gifts. In 2018, Robert gave Paula his father's coin collection. The FMV on the date of the gift was $986,000. Robert paid gift tax of $318,750. Rachel did not split the gift and this was the only gift to Paula in 2018. The 2018 annual gift tax exclusion was $15,000. In 2022, Robert gave 1000 shares of O'Reilly Auto stock to the Humane Society (501(c)(3) charity). The stock was worth $748/ share on the date of the gift. Robert's basis in the stock was $32.50 /share. Robert died on Sunday, April 23, 2023. Trading information for Pfizer in 2023