Quantify the impact of recommendation

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BENNY AND MARTA FRANKLIN CASE - page 550 -554

  1. What are the steps Benny and Martha should take immediately and over the long-term to reduce their gross estate and achieve their goals. Be specific and quantify the impact of each recommendation.
  2. Prepare the gift tax returns for 2009 and 2012, as well as for the current year, based on recommendations. The applicable credit amount for gift tax purposes was $345,800 in 2009, $1,772,800 in 2012, and $4,577,800 in 2020. The annual exclusion was $13,000 in 2009 and 2012, and is $15,000 in 2020
  3. Prepare an estate tax return for Benny as of the end of the current year after any recommended transfers. Assume he dies on December 31 of the current year. Assume the combined last medical and funeral costs are $100,000 and the estate administration cost is $150,000.

Reference no: EM133086314

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