Barry and his wife Mary have accumulated over $7 million during their 54 years of marriage....

Question

Question

Barry and his wife Mary have accumulated over $7 million during their 54 years of marriage. They have ten children and twelve grandchildren.

What is the total amount removed from Barry and Mary’s estate?

Answer 1

Answer #1

Gift tax allowance for 2018 and 2019 is $15000.

Number of donors = 2

A. For children :

Gift allowance = $15000* number of donors*number of children

= $15000*2*10

= $300000.

B. For grand children

Gift allowance = $15000*2*12

= $360000.

Therefore total amount of estate removed from Bary and Mary's estate in 2019 = A + B = $300000 + $360000 = $660000.

Answer 2

Similar Homework Help Questions

1.Barry and his wife Mary have accumulated over $6 million during their 49 years of marriage....

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?
Barry and his wife, Mary, have accumulated over $3.7 million during their 50 years of marriage....

Barry and his wife, Mary, have accumulated over $3.7 million during their 50 years of marriage. They have three children and six grandchildren. What is the total amount of estate removed from Barry and Mary's estate in 2017 if they gift the maximum allowable amount to their children and grandchildren without incurring any gift taxes?
Barry and his wife Mary have accumulated over $4 million during their 43 years of marriage....

Barry and his wife Mary have accumulated over $4 million during their 43 years of marriage. They have five children and seven grandchildren. How much money can Barry and Mary gift to their grandchildren in 2019 without any gift tax liability?

Barry and his wife Mary have accumulated over $5 million during their 49 years of marriage....

Barry and his wife Mary have accumulated over $5 million during their 49 years of marriage. They have seven children and nine grandchildren. How much money can Barry and Mary gift to their children in 2019 without any gift tax liability?
Barry and his wife Mary have accumulated over $4 million during their 45 years of marriage....

Barry and his wife Mary have accumulated over $4 million during their 45 years of marriage. They have three children and five grandchildren. How much money can Barry and Mary gift to their children in 2016 without any gift tax liability?
Barry and his wife, Mary, have accumulated over $4.8 million during their 50 years of marriage....

Barry and his wife, Mary, have accumulated over $4.8 million during their 50 years of marriage. They have two children and six grandchildren. How much money can they gift to their children in 2017 without any gift tax liability?

Barry and his wife, Mary, have accumulated over $4.8 million during their 50 years of marriage....

Barry and his wife, Mary, have accumulated over $4.8 million during their 50 years of marriage. They have two children and six grandchildren. How much money can they gift to their children in 2017 without any gift tax liability?
Lyon, Tigah, Barry, and Dorthe each borrow $3,500 and plan to pay it back over 2 years at 7% interest. 3. , What is the total interest that each one pays over the life of the loan if the interest...

Lyon, Tigah, Barry, and Dorthe each borrow $3,500 and plan to pay it back over 2 years at 7% interest. 3. , What is the total interest that each one pays over the life of the loan if the interest rate is compounded quarterly? [20] .Lyon pays back his loan in one payment at the end of 2 years. " Tigah pays back her loan with annual interes t payments and the principal payment at the end of 2 years....
Ralph Reed, who turned 65 in December of 2018 and his wife, Mary, the older woman at 67, have bee...

Ralph Reed, who turned 65 in December of 2018 and his wife, Mary, the older woman at 67, have been married for 40 years. They support several family members including Ralph's parents who live down the street, two teenage girls still in high school (under 16) and a son, 22, just finishing graduate school. Ralph, though long suffering, has been paying more than 50% of their support, if not all 100%, throughout 2017. Ralph works full-time and receives a salary...

Jimmy Johnson is 25 years old. He and his wife Jane have two children, Emmitt and...

Jimmy Johnson is 25 years old. He and his wife Jane have two children, Emmitt and Patricia, ages 2 and 4 respectively. Jimmy wants to retire in 40 years and build boats. He would like a nice retirement home with some land on a peaceful lake in the mountains of Georgia. Jimmy believes that to purchase a home and lot in 40 years would cost $300,000 in today’s prices. In forty years Jimmy also believes he and Patricia can live...