1. Mr.Trevor expects to accumulate assets valued at $3 million during his lifetime and wishes to leave his estate to his six children. Based on family history, he expects to live until 2040 at age 75.
a. So that his estate will pay zero estate tax after the unified credit, at what age will Mr. Trevor need to begin making annual gifts of $11,000 to each of his children?
b. If Mr.Trevor is married and elects gift splitting with his spouse, at what age will he need to begin making annual gits to each of his children so that his estate pays zero estate tax after the unified credit?
This solution assists in credit issues in estate taxes and shows calculations to determine what age Mr. Trevor needs to start making annual gifts to his children and also what age to make gifts if he plans to elect gift splitting with his spouse.