n 2008 Anne and Jim established a living trust. Anne and Jim have 2 children Olivia and Patrick (ages 19 and 21) from the current marriage and Anne has a child Elliott (age 33) from a prior marriage. Their main concern was to protect the assets for their children. The trust provided for Survivor, Bypass and QTIP trusts upon the first spouse’s death. When Jim died in 2011 the couple held the following property in their trust: Jim’s SP $2,600,000 CP $20,000,000 Anne’s SP $2,400,000 A. What is the amount in Anne’s taxable estate if she dies in 2021. The following are values of the various trusts in 2021: Survivor trust $15,000,000 Bypass trust is $9,000,000 QTIP is $10,000,000? What assets are included in Jim’s estate? Is there any estate tax payable? Or could you apply marital deduction? C. Show allocation of assets into Survivor’s trust, Bypass trust and QTIP trust.
In 2008 Anne and Jim established a living trust. Anne and Jim have 2 children Olivia and Patrick (ages 19 and 21) from the current marriage and Anne has a child Elliott (age 33) from a prior marriage. Their main concern was to protect the assets for their children. The trust provided for Survivor, Bypass and QTIP trusts upon the first spouse’s death.
When Jim died in 2011 the couple held the following property in their trust:
Jim’s SP $2,600,000
CP $20,000,000
Anne’s SP $2,400,000
A. What is the amount in Anne’s taxable estate if she dies in 2021. The following are values of the various trusts in 2021:
Survivor trust $15,000,000
Bypass trust is $9,000,000
QTIP is $10,000,000?
What assets are included in Jim’s estate? Is there any estate tax payable? Or could you apply marital deduction? C. Show allocation of assets into Survivor’s trust, Bypass trust and QTIP trust.
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