In 2008 Anne and Jim established a living trust. Anneand Jim have 2 children Olivia and Patrick (ages 19 and 21) from the current marriage and Anne has a child Elliott (age 33) from a prior marriage. Their main concern was to protect the assets for their children. The trust provided for Survivor, Bypass and QTIP trusts upon the first spouses death.

When Jim died in 2011 the couple held the following property in their trust:

Jims SP $2,600,000

CP $20,000,000

Annes SP $2,400,000

a. What assets are included in Jims estate?

Is there any estate tax payable?

b. Show allocation of assets into Survivors trust, Bypass trust and QTIP trust.

c. What is the amount in Annes taxable estate if she dies in 2023. The following are values of the various trusts in 2023:

Survivor trust $15,000,000

Bypass trust is $9,000,000

QTIP is $10,000,000?