Question
Why does portability matter for a surviving spouse?
Tap to flip
Answer
It lets the spouse use the deceased spouse's unused exclusion.
Tap to flip back
Question
How are taxable gifts used in the estate and gift tax system over time?
Tap to flip
Answer
They accumulate cumulatively over life.
Tap to flip back
Question
What property is included in the gross estate?
Tap to flip
Answer
FMV of property owned or controlled at death.
Tap to flip back
Question
Why can life insurance be included in the gross estate?
Tap to flip
Answer
Because the decedent owned it or had incidents of ownership.
Tap to flip back