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?
Homework Answers
Each of Married couple could gift $14,000 tax free to each recipient.
Hence,
Total maximum allowable amount to their children (3) and grandchildren (6) without incurring any gift taxes is:
= $14,000 X 9 X 2
= $252,000
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Barry and his wife, Mary, have accumulated over $3.7 million during their 50 years of marriage....
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