Wayne and Carol have been married for $60$ years. At Carol$$s passing $($and Wayne surviving$)$ all of the assets, worth $$40$ Million, are either titled as Joint Tenancy with Rights of Survivorship or are held in Wayne$$s name only. There have been no taxable gifts made during lifetime.

a$.$ Would Carol$$s estate have any estate tax liability?

b$.$ Have Wayne and Carol failed to optimize Carol$$s exemption?

c$.$ What election could the executor of Carol$$s estate make to remediate the problem with how assets were held to potentially reduce the survivor$$s eventual estate tax?

Answer rating: 100% (QA)

Wayne and Carols Estate Tax Situation a Estate Tax Liability Assuming this scenario takes place in t... View the full answer