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24 December, 18:09

Mr. Zeplin wants to make a cash gift to each of his five children, to each of their five spouses, and to each of his 13 grandchildren. Assume the taxable year is 2019. How much total wealth can he transfer to his descendants without making a taxable gift if he is an unmarried individual

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  1. 24 December, 19:41
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    Total wealth transfer is $345000.

    Explanation:

    Given the number of children = 5

    Total number of spouses = 5

    Total number of grandchildren = 13

    If the individual is unmarried then below is the calculation of wealth transfer to the descendants with the taxable gifts.

    In 2018, an individual unmarried person can transfer wealth without tax or free of gift tax is $15000 per person. So the total number of persons to whom the wealth is to be transferred 5 + 5 + 13 = 23 persons.

    Total wealth Mr. Zeplin transfer without tax = 15000 * 23 persons = $345000
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