Answer the following questions about the marital deduction….

Answer the following questions about the marital deduction. This year, Kate transfers $1 million to a trust. The trustee, a bank, must pay all income from the trust property to Julian, her husband, quarterly for his life. The trust property passes to their children upon Julian’s death. [question 1 of 2] To what amount of marital deduction is Kate entitled, assuming she makes the appropriate elections? Why? [question 2 of 2] Does the answer change if the trustee has discretion to pay income from the trust property to Julian? Why or why not?

This year, Fred makes two transfers. To his daughter, he tra…

This year, Fred makes two transfers. To his daughter, he transfers $14,000 cash. To his granddaughter, he transfers a remainder interest in one acre of commercial real estate valued at $51,000. Imani, Fred’s wife, transfers to their grandson $62,000 cash. Fred and Imani elect gift splitting. What is the amount of Fred’s annual exclusions? What is the amount of Imani’s annual exclusions, if different?