. Tom owns a vacation home in Florida. He changed the deed to give his wife Jane,...
Fantastic news! We've Found the answer you've been seeking!
Question:
. Tom owns a vacation home in Florida. He changed the deed to give his wife Jane, a life estate in the home. His son Joe will receive the property after Jane's death. The house appraised for $600,000. If the present value (PV) of the gift to Jane is valued at $450,000, what is the remainder interest gift value to Joe? Can the gift to Jane be reduced any further? If so, why and how much? Can the gift to Joe be reduced any further? If yes, why? If not, why not? What is the total taxable gift made by Tom to both Jane and Joe? If Tom instead gives Jane a life estate in the home with a general power of appointment over the property, how will this affect the total taxable gift amount?
Related Book For
Posted Date: