What amount of the trust, if any, will be included in Georgia's estate if she dies this year when the value of the real estate in trust is $700,000? Amount to be included in Georgia's estate

Cora, 79, has an estate that includes her personal residence valued at $120,000 and $18,000 in a bank account that is solely in her name. She would like to arrange her estate so that she maintains exclusive control of the assets during her lifetime, but at her death the assets will pass to her friend, Mabel, outside of probate. Based on Cora's goals and situation, which of the following are correct statements about will substitutes that she could use? She should put her bank account in tenancy in common with Mabel. She should title her personal residence in joint tenancy with her friend, Mabel. She should execute a will that names her friend, Mabel, as the legatee of the bank account and the devisee of the personal residence. She should place the bank funds in a payable on death (POD) account with Mabel as beneficiary. She should change the title on her personal residence to indicate a life estate reserved for her lifetime and a remainder to her friend, Mabel.   A)IV and V…

In 2021, Alejandro made a gift of $4,000,000 to each of his three sons in 2021. He has made no previous gifts. What is the amount of his taxable gifts and the gift tax?

An individual died on June 30, 2020. On that date, they owned marketable securities worth $100,000 and an adjusted cost base (ACB) of $40,000; and an unmatured registered retirement savings plan (RRSP) of $250,000. Up to the date of death, they received interest income of $8,000 and salary income of $35,000. By the terms of the will the securities were given to the son and the RRSP to the spouse. How much would be reported in the deceased’s income for 2020?

For tax year 2020: George and Nancy were husband and wife. At the time of George's death, they owned the following: land as tenants by the entirety worth $500,000 (purchased by George) and stock as equal tenants in common worth $30,000 (purchased by Nancy). George owned an insurance policy on his life (maturity value of $800,000) with Nancy as the designated beneficiary. George's will passes all his property to Nancy. How much marital deduction is allowed George's estate?

If you were to become an executor of my estate, how would you value my prized Pete Rose rookie card in mint condition? Would you sell it? Would you give it to my heirs?

Penny and Mary Hardaway are married and live in Tennessee, a common-law state. For the holidays in 2023 , Mary gave cash gifts of $40,500 to each of her two sons, and Penny gave $40,600to his daughter. What is the amount of Mary's taxable gifts if Penny and Mary opt to gift-split? Multiple Choice $40,500 $70,500 $9,800 $6,500 None of the choices are correct.

Your 80-year-old uncle has an estate valued at over $10 million and asked for your advice regarding how to make sure that each of his heirs receive certain assets and that estate taxes are minimized. What steps would you recommend? Be sure to address such issues as wills, trusts, gifting, and probate.

In 2019, Joshua gave $12,500 worth of Microsoft stock to his son. In 2020, the Microsoft shares were worth $22,500. What was the gift tax in 2019? The gift tax exemption in 2019 was the same as in 2020. Gift tax

Walter owns a whole-life insurance policy worth $55,800 that directs the insurance company to pay the beneficiary $251,000 on Walter's death. Walter pays the annual premiums and has the power to designate the beneficiary of the policy (it is currently his son, James). Required: What value of the policy, if any, will be included in Walter's estate upon his death? Value of policy