1.Barry and his wife Mary have accumulated over $6 million during their 49 years of marriage. They have nine children and eleven grandchildren.
How much money can Barry and Mary gift to their grandchildren in 2019 without any gift tax liability?
2.
Barry and his wife Mary have accumulated over $4 million during their 51 years of marriage. They have four children and six grandchildren.
What is the total amount removed from Barry and Mary’s estate?
Solution :- For 2018 and 2019 the Gift Exclusion is $15000
There are total 11 Grand children = Total 11 Recepients
Therefore Each Can gift = $15000 * = $165,000
Both can gift = $165,000 * 2 = $330,000
Both Barry and Mary can Gift $330,000 in 2019 to Grand Children with out any gift tax liability
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