After being diagnosed with a terminal illness,Jude (a widower) makes gifts of all of his assets (over $6 million in value) to family members and dies shortly thereafter.Based on these facts,comment on the following assumptions.
a.Because the Federal gift tax is imposed on the donor and Jude has no assets,any gift tax that is due is avoided.
b.Because Jude died without any assets,the Federal estate tax is avoided.

Question

Quizplus · Accepted Answer

The Answer of After being diagnosed with a terminal illness,Jude (a widower) makes gifts of all of his assets (over $6 million in value) to family members and dies shortly thereafter.Based on these facts,comment on the following assumptions.
a.Because the Federal gift tax is imposed on the donor and Jude has no assets,any gift tax that is due is avoided.
b.Because Jude died without any assets,the Federal estate tax is avoided.

After Being Diagnosed with a Terminal Illness,Jude (A Widower) Makes