Questions -
1. Identify the features common to the gift tax formula and the estate tax formula.
2. Fred is retired and living on his pension. He has accumulated almost $1 million of property he would like to leave to his children. However, Fred is afraid much of his wealth will be eliminated by the federal estate tax. Explain whether this fear is well founded.
3. Explain how a remainder and an income interest are valued for transfer tax purposes.
4. Describe the requirements for a complete gift, and contrast a gift of a present interest with a gift of a future interest.