Answered Essay: Which of the following would qualify for a gift-splitting?

QUESTION 37

Which of the following would qualify for a gift-splitting?

 

Herbert and his wife Kelly transfer stock worth $30,000 to their son Ignatius.

 

Jakob and his wife Mariska, a Hungarian citizen living in Hungary, transfer stock worth $30,000 to their son Istvan.

 

Louise and Marv transfer stock worth $30,000 to their son Nels before their divorce, although Louise has since remarried.

 

None of the above.

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QUESTION 38

Which of the following would most likely be included in the decedent’s gross estate?

 

$100,000 face value life insurance policy on the life of the decedent’s brother.

 

$100,000 undistributed retirement account balance.

 

$100,000 bank account held as joint tenants with rights of survivorship with the decedent’s spouse.

 

All of the above.

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QUESTION 39

Oscar dies on February 2, 2016. The property included in his gross estate could be potentially valued for estate tax purposes:

 

on February 2, 2016.

 

on November 2, 2016.

 

on August 2, 2016.

 

Two of the above.

Expert Answer

Herbert and his wife Kelly transfer stock worth $30,000 to their son Ignatius. This statement would qualify for a gift-splitting.

If husband and wife may agree to split gift for a given calender year so that all gift given by both of them is considered as gift and transfered one half by each spouse, if each of the following are met :

– At the time of gift, both husband and wife must be U.S. citizen.

– The spouses must be married at the the of gift but if subsquently they divocred, then the remainning year they would not remarried.

– Both husband and wife must agrre to gift made by one half each of them.

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