Daniel Long, age 75, is a widower with considerable wealth. His only family is his granddaughter, Marcia, and her four children. Marcia's parents,...

Daniel Long, age 75, is a widower with considerable wealth. His only family is his granddaughter, Marcia, and her four children. Marcia's parents, Daniel's son and daughter-in-law, were killed in an automobile accident. Using securities worth $3 million, Daniel would like to create a trust, life estate to Marcia, remainder to her children (Daniel's great-grandchildren). He is hesitant to do so because of the tax on generation-skipping transfers.Write a ( letter ) to Daniel advising him on this matter and any gift tax that the transfer would generate. Note: By virtue of prior taxable gifts, Daniel has exhausted his unified transfer tax credit. His address is 1212 Main Street, No City, Ohio, 11111.In addition to writing the letter which should be (no more than 1 page), you will need to provide the calculations for any tax that you are communicating to Daniel that he will be required to pay. Use 2011 as the tax year.