02 Oct Unit 1 assignment
36216Scenario: Your client Mary, a surviving spouse of John, has approached you to provide her with gift and estate
planning services. Respond to the following questions and submit your answers in a Word Document to the
Unit 1 Assignment Dropbox. Remember to review and reference the applicable sections of the Tax Code,
including Publications 706 and 709.
1. Based on Mary’s situation, determine the credit for the gift and estate tax exclusion. Use 2017 indexed
exclusion of $5,500,000. Based on your research of the tax code, what is the rationale for the gift and estate
tax exclusion?
2. John used $450,000 of his gift and estate tax exclusion for his lifetime gifts. Assuming that John’s estate
used $2,300,000 of his estate tax exclusion in closing his estate, determine Mary’s estate tax exclusion when
she dies if she and her spouse elected to gift split on all taxable gifts. Clearly show your calculations.
3. Mary wants to transfer property into an irrevocable trust she created, but she intends to retain the right to
change the beneficiaries. Analyze the circumstances that are required for Mary’s transfer to be a completed
gift.
4. Explain to Mary the gift tax annual exclusion and why it was enacted.
5. Differentiate between a present interest and a future interest. How do they apply to Mary’s situation?
Respond in a Word Document to the Unit 1: Assignment Dropbox. View the rubric below for grading details.
Assignment Submission Requirements: Responses must adhere to the following formatting guidelines:
Microsoft Word document or appropriate reporting application specified in the assignment, double spacing, 12-
point Times New Roman or Arial font, one-inch margins, APA in-text citations and an APA reference list for
qualitative responses. Show work for all questions that require computations.
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