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and Mrs. Linn are in their 50's and they are healthy. Their combined estate is currently valued at $15 million. They have 2 married children and 5...
Mr. and Mrs. Linn are in their 50's and they are healthy. Their combined estate is currently valued at $15 million. They have 2 married children and 5 grandchildren. In 2018 they wish to start a program of gifting an equal amount to each child and grandchild. They come to you to determine how much they can gift annually in total without incurring any taxable gifts. Be sure to use the 2018 annual exclusion amount, not the 2017 annual exclusion amount in your calcualtions.
Which statement below is true?
a.They may gift a combined max total of $105,000.
b.They may gift a total of $105,000 from Mrs. Jones' separate property, but they will have to file a gift tax return to elect gift splitting to avoid having taxable gifts.
c.They may only gift a combined max of $30,000 without creating a taxable gift.
d.They may gift a combined total of $210,000 without creating taxable gifts, as long as they give equal amounts to each donee.
