Shari has a gross estate of $1,000,000. Her funeral costs are $6,000. She leaves $10,000 to...

  

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Shari has a gross estate of $1,000,000. Her funeral costs are $6,000. She leaves $10,000 to her church and $4,000 to her college. She has a home mortgage for $60,000 and miscellaneous debts of $4,000. Her executor's fee and estate administration expenses are estimated to be $30,000. She leaves $200,000 to her husband. What is the total amount deductible by using the marital deduction and the charitable deduction? Jack, who had never married, died last year. Six years before his death he made the following gifts (these were the only gifts he made that year): I. stock worth $40,000 to Mickey II. a $300,000 (proceeds value) life insurance policy on his life to Molly. At Jack's death, the stock had increased in value to $70,000 and the life insurance company paid the $300,000 to Molly. Consider the two transfers when answering the following question. By how much will Jack's gross estate be increased? Shari has a gross estate of $1,000,000. Her funeral costs are $6,000. She leaves $10,000 to her church and $4,000 to her college. She has a home mortgage for $60,000 and miscellaneous debts of $4,000. Her executor's fee and estate administration expenses are estimated to be $30,000. She leaves $200,000 to her husband. What is the total amount deductible by using the marital deduction and the charitable deduction? Jack, who had never married, died last year. Six years before his death he made the following gifts (these were the only gifts he made that year): I. stock worth $40,000 to Mickey II. a $300,000 (proceeds value) life insurance policy on his life to Molly. At Jack's death, the stock had increased in value to $70,000 and the life insurance company paid the $300,000 to Molly. Consider the two transfers when answering the following question. By how much will Jack's gross estate be increased?

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Answer To calculate the total amount deductible by using the marital deduction and the charitable de... View the full answer