1-While the use of Crummey withdra wal powers, to the extent of $14,000 per donee/beneficiary can shelter the donor from gift tax, a Crummey power in excess of $5,000 in any year can have gift tax consequences, (as well as possible estate tax consequences).

2-An example of a skip person (as defined in the generation skipping transfer tax) is the transferor’s grandchild.


3-Under the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001, the $675,000 applicable exemption amount has been increased to $3.5 million (for estate and generation skipping transfer tax purposes) in a series of increases between 2002 and 2009.


4-No matter what the value of their gross estate, U.S. citizens are exempt from federal estate taxes.


5-A charitable contribution deduction is allowable for the present value of interests granted to charities in certain trusts in which the charity has either an income interest for a period of time or a remainder interest.


6-The estate tax structure permits essentially unlimited transferability of property between spouses free of any tax.


7-There is an unlimited gift tax marital deduction.


8-The gross estate generally includes all property owned by a decedent at death.


9- Life insurance policy proceeds can never be subject to federal estate tax.


10-The right to surrender or cancel a life insurance policy is considered an “incident of ownership.”

Looking for solution of this Assignment?


We deliver quality original papers

Our experts write quality original papers using academic databases.  

Free revisions

We offer our clients multiple free revisions just to ensure you get what you want.

Discounted prices

All our prices are discounted which makes it affordable to you. Use code FIRST15 to get your discount

100% originality

We deliver papers that are written from scratch to deliver 100% originality. Our papers are free from plagiarism and NO similarity

On-time delivery

We will deliver your paper on time even on short notice or  short deadline, overnight essay or even an urgent essay