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?
Annual exclusion for 2016=$14,000
Number of donors =2 (Since each of them can gift till this amount)
Number of donnee =3 (Children)
Total tax free donation =$14,000*2*3=$84,000
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 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?
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 $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 $4.8 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. 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 $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 $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?
Donald established an irrevocable trust on May 10, 2013. The trust named his wife, Melinda, as trustee and named his daughter, Daisy, as backup trustee. The trust instrument contained the following key provisions: This trust is irrevocable. To the extent allowed by law, the assets in this trust shall not be subject to the beneficiaries’ liabilities or creditors and shall not be subject to assignment or anticipation by any beneficiary. During the lifetime of the grantor, the trustee may, in...
Mr. William Norris is 45 years old. The following five independent Cases make varying assumptions for the 2016 taxation year with respect to Mr. Norris’ marital status and number of dependants. In all Cases, Mr. Norris earned employment income of $60,000 and his employer withheld the required EI premiums and CPP contributions. Case A Mr. Norris is married and his wife, Susan, has Net Income For Tax Purposes of $8,800. Susan’s 73 year old mother, Bernice, lives with them. Bernice,...
Jimmy and Jane Have Goals 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...