Jean wants to save enough for her grandson to go to college…
Jean wants to save enough for her grandson to go to college at an expensive University on the East Coast. She anticipates that tuition will run in excess of $50,000 per year for 4 years. She has heard about 529 plans and the concept of gift splitting. Jean is married. What is the maximum amount she could put in a 529 plan in a single year if she files a gift tax return and DOES NOT use gift splitting. Assume 2024 tax code.
Read DetailsJavier is married to Maria and they have two children Jose a…
Javier is married to Maria and they have two children Jose and Alejandra. Javier created a will that leaves everything to Maria. If Maria predeceases him, his estate will go to Jose and Alejandra. Javier dies and Maria is still alive. They have the following assets. How much will Maria get from Javier’s estate? Asset Value Title House $[house] Tenancy in common Javier and Maria Life Insurance on Javier’s life with Javier as owner and insured $[jinsurance] death benefit $40,000 cash value Beneficiaries: Maria 50%, Jose 25%, Alejandra 25% Checking account in Javier’s name $[jchecking] Sole ownership Checking account in Javier and Maria’s name $[jmchecking] Joint tenancy with rights of survivorship
Read DetailsHoward had the following assets at death. What is the amoun…
Howard had the following assets at death. What is the amount of his gross estate if Howard dies today? Round to 2 decimal places. Residence JTWROS with his wife $[house] Common Stock Howard sole owner $250,000 Municipal Bonds Howard sole owner $150,000 Life Insurance on Howard’s life Howard owner $500,000 death benefit $150,000 cash value Mutual fund Wife is sole owner $50,000
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