1) Mr and Mrs Smith are married and they are both 45 years old and in good health. Mr Smith has $10million of assets in his name while Mrs Smith has $6MM of assets in her name. Both Mom and Dad hold stock in Amazon, Facebook , Ford and JPM and these stocks constiute their wealth. Neither Mr or Mrs Smith have ever worked and all of their wealth comes from inheritance from past generations. The couple has three children and the parents want very much to share their wealth with these kids. Mom and Dad enjoy an affluent life style and they spend $500,000 a year in living expenses and they are not willing to give up this lifestyle. Mom and Dad also have two houses each valued at $7,000,000 a piece in New York City and in Miami.
Provide at least 5 estate planning ideas that can be recommended now to this family.
2)Mr Jones is 60 years old and he wants to divorce is wife of 30 years. Mr Jones owns personal assets of $30,000,000 but he is in very poor health. Additionally, Mr Jones now wants to marry his new girlfriend who is only 20 years old. Along with these changes in his life, Mr Jones wants to make sure that he provides for his new wife in case something happens to him and most importantly, he wants to be sure that he provides for his three grown children from his first marriage (because he fears that the new wife won’t want to share with his children). How can Mr Jones make this planning with a Trust? Additionally, Mr Jones wants to leave some money to the American Cancer Societyy after he passes since the organization helped him for so many years.
3)Last Year in 2017, Mr Carter made $8,000,000 of taxable gifts. In addition to this amount he made $3,000,000 of gifts to charity, $50,000 of educational expenses to University of Penna on behalf of his nephew and $30,000 of medical expenses to Johns Hopkins on behalf of his niece. Lastly he and his wife made 5 annual exclusions of $30,000 a piece to their 5 children.
Prior years gifting from 2008 to 2016 totaled $20,000,000 and he has paid $8,000,000 in gift taxes so far
Unfortunately, Mr Carter just passed away last month and his total estate was valued at $60,000,000. There were some last expenses of $100,000 to cover taxes, fees and administrative costs and $10,000,000 of this estate amount was distributed to his wife.
Thus, with all these gift and estate numbers, calculate his final estate tax.
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