Julia set up an irrevocable trust for her children and grandchildren with Crummey powers.  Her husband John DID NOT agree to gift splitting to fund the trust.  They have [children] children and [grandc] grandchildren who will be named as trust beneficiaries.   Assume the annual gift exclusion for 2024.  How much can she contribute to the trust this year without gift tax consequences?

John made the following transfers to the following people in the current year.  If he did not split gifts what is the amount of his taxable gifts for the year?  Assume that the 2024 annual exclusion amount.   Donee                      Gift Value Son                           Boat [boat] Daughter                  Car  25,000 Grandson                 Check for $18,000 written directly to ASU his college

Marise, a successful single businesswoman, wants to include her son John in her business. Her business is currently worth $100,000,000.  She would like to make the largest possible gift she can make this year to him without incurring any gift tax.  She has not made any gifts in the past.  She has already given him $[gift] in cash this year.  How much ownership can she give to John in 2024?

Jesse has a gross estate  which includes the following assets: home titled JTWROS with Joan his wife                                                  $[home] stock owned JTWROS with wife                                                                $[stock] bonds owned JTWROS with children                                                         $150,000 life insurance on his life with wife Joan as beneficiary                              $[deathben] death benefit checking account JTWROS with children                                                   $25,000 What is the amount of available marital deduction?  (Round your answer to 2 decimal places)

Your client has the following assets.  Your client wants to avoid probate but does not want to set up a will.  Sue is your client’s best friend.  Which asset titling and/or beneficiary designation needs to be changed to avoid probate? House $500,000 JTWROS with sister Sue Checking $10,000 POD to sister Sue 401(k) beneficiary Sue  Checking $50,000 Tenants in common with Sue  

Ezekial and Charise are married.  They bought a vacation property for $50,000 and titled is in joint tenants with rights of survivorship.  When Ezekial died last year  the property was worth $200,000.  If Charise sells the property this year for $[sale], what is Charise’s capital gain?

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.     How much is in Javier’s probate estate? Asset Value Title House $[house] Tenancy by entirety Javier and Maria Life Insurance on Javier’s life with Javier as owner and insured $[jinsurance] death benefit $[jcash] cash value Beneficiaries:  Maria 50%, Jose 25%, Alejandra 25% Checking account in Javier’s Name $[jchecking] POD Jose Life Insurance with Maria as owner and Maria as insured $[minsurance] death benefit $[mcash] cash value Beneficiaries:  Javier 50%, Jose 25%, Alejandra 25% Checking account in Javier and Maria’s name $[jmchecking] Joint tenancy with rights of survivorship

For the 2024 tax year, the GSTT exemption is?

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.

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