When Godfrey died in 2016, his assets were valued as follows: Asset Date of death valuation Valuation six months later Stocks $2,220,000 $2,180,000 Bonds 4,600,000 4,620,000 Home 800,000 780,000 Total $7,620,000 $7,580,000 The executor sold the stock two months after the decedent's death for $2,200,000. The bonds were sold seven months after the decedent's death for $4,630,000. What valuation should be used for the gross estate?
If Godfrey came to you before his death and told you he had a spouse and two children under the age of 18, what kind of estate plan would you suggest for him?
What if Godfrey had no spouse but had two children under the age of 18?
What if Godfrey had no spouse or children, but had a favorite niece?