2. Prepare the gift tax returns for 2009 and 2012, as well as for the current year, based on rec-ommendations. The applicable credit amount for gift tax purposes was $345,800 in 2009, $1,772,800 in 2012, and $4,417,800 in 2018. The annual exclusion was $13,000 in 2009 and 2012, and is $15,000 in 2018.
GOALS: PREPARE A PROPER ESTATE PLAN 1. Minimize estate 2. Fund college education for the five grandchildren. 3. Set up a special needs trust for Ivan's future needs. 4. Ensure that the vacation home is a permanent family home for children and grandchil dren 5. Keep 100 percent of business interests in the family. 6. Maintain control of the business until retirement at which time James and Joe will take over. 7. Transfer an additional $2 million to the Wounded Warrior Project some time in the future FINANCIAL STATEMENTS Balance Sheet ASSETS Cash Cash Equivalents IT Checking and Swing Total Cacahui $100,000 $1,000,000 LIABILITIES AND NET WORTH Liabilities Cum liahilities IT Credit Card Total Current Liabilities Invested Act JT Market Securities IT Business Interese H4015) Man IT in Real Estate Talle $600.000 6.000.000 1.250,000 3.000.000 S162500D Long Term L ilities IT Morge Primary Total Long-Term Liabilities $1.000000 $1.000.000 Toual Liabilities SL.100.000 $200000 1.500.000 Penal Us IT Primary Residence IT Van Home ITA TT HP HLE Total P al Net Worth 500.000 200.000 Tous $21.550,000 Total Liabilities and Net Worth GOALS: PREPARE A PROPER ESTATE PLAN 1. Minimize estate 2. Fund college education for the five grandchildren. 3. Set up a special needs trust for Ivan's future needs. 4. Ensure that the vacation home is a permanent family home for children and grandchil dren 5. Keep 100 percent of business interests in the family. 6. Maintain control of the business until retirement at which time James and Joe will take over. 7. Transfer an additional $2 million to the Wounded Warrior Project some time in the future FINANCIAL STATEMENTS Balance Sheet ASSETS Cash Cash Equivalents IT Checking and Swing Total Cacahui $100,000 $1,000,000 LIABILITIES AND NET WORTH Liabilities Cum liahilities IT Credit Card Total Current Liabilities Invested Act JT Market Securities IT Business Interese H4015) Man IT in Real Estate Talle $600.000 6.000.000 1.250,000 3.000.000 S162500D Long Term L ilities IT Morge Primary Total Long-Term Liabilities $1.000000 $1.000.000 Toual Liabilities SL.100.000 $200000 1.500.000 Penal Us IT Primary Residence IT Van Home ITA TT HP HLE Total P al Net Worth 500.000 200.000 Tous $21.550,000 Total Liabilities and Net Worth
