A friend of yours (Mike) has wealthy parents (Steve and Elaine) who are jointly worth $16,000,000. Mike notes neither of his parents are in the best of health and Steve (Dad) has been diagnosed as terminally ill with cancer. Given the Federal Estate Tax Basic Exclusion for 2020, what would be the Federal Estate Tax Liability if Steve dies in September 2020, and unfortunately Elaine dies in December 2020? They had a Simple Will (no Bypass), funeral costs of $20,000, and Debts of $80,000. Compute the Federal Estate Tax they will pay for 2020. $1,728,000. $0. $6,360,000. $4,320,000. U Question 31 85 pts You are married and your spouse want to avoid any Federal Gift Taxes. You have two children. How much in annual Gifts can the both of you give to your two children under the current annual Federal Gift Tax Exclusion? $15,000. $30,000. $45,000. $60,000