ACC317 Advanced Federal Taxation

timer Asked: Dec 3rd, 2015
account_balance_wallet $5

Question Description

One of the best tax planning mechanisms for estate tax planning is to control the amount of the gross estate.  Please discuss actions you would take to control the gross estate of a client.

Tutor Answer

Professor Mary
School: UCLA

Thank you for the opportunity to help you with your question!

by reducing the amount of property that is potentially included in the gross estate of a client becomes the primary strategy for estate planning.the simplest and the most direct way of achieving such a reduction is through outright lifetime gifts.the size of the client's gross estate can be controlled by the use of taxable gifts.any gift tax paid more than three years prio to death is included in the donors estate

Please let me know if you need any clarification. I'm always happy to answer your questions.

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