uring $2022,$ Vasu wants to take advantage of the annual exclusion and make gifts to his $9$ married children $($plus their spouses$)$ and his $24$ minor grandchildren.

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a$.$ How much property can Vasu give away this year without creating a taxable gift?

$fill in the blank $0$b$4792$f$5$bf$93050\_1$

$495,000$

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One of the ways to carry out family tax planning is to start a program of lifetime giving. The objectives of such a program are to minimize transfer taxes while keeping income tax consequences in mind.

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b$.$ How does your answer change if Vasu's wife, Coleen, elects to join in making the gifts?

$fill in the blank $1$fc$844$f$47$fc$0$fba$\_1$

$990,000$

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