Assuming that Camille dies later in the year (2018) and that Camilles only assets are those that she inherited from Dennis that the value of the assets that she inherited did not change and an additional life insurance policy of $500,000 on Camilles life. How much is Camilles estate tax liability?

Dennis has an estate valued at $11,000,000. In addition, there is a fully paid-up life insurance policy on Mike's life that has a $2,000,000 death benefit. Dennis is married to Camille and has two children. Dennis is expected to dies before Camille, who is substantially younger than him. Dennis and Camille have asked you to help them with their estate planning and would like you to consider the following scenarios. Assume for each scenario funeral and administration expense of $150,000 and that all of Dennis's assets, including the death benefit on the life insurance policy be owns on his life, pass to Camille. Dennis's gross estate includes the $11,000 (XXn assets that he held at the date of his death, plus the $2,000 000 death benefit from the life insurance policy Dennis owned on this life at the time of the death. Note that Dennis has not made of his applicable estate tax credit nor did his executor that to transfer his unused estate exemption to Camille (they failed to elect portability) A) How much is Dennis's Estate Tax Liability? ESTATE TAX CALCULATION Gross Estate Less Deductions: Last Medical Expenses Administrative Costs Funeral Exp Debts of the Decedent Losses During the administration of the Estate Equals: Adjusted Gross Estate Less: Unlimited Charitable Deduction Less: Unlimited Marital Deduction Less: State Death Tax Deduction ses uals: Taxable Estate Add: Previous Taxable Gifts (post 1976 Equals: Tentative Tax Base entative Tlax Less: Allowable Credits Credit for Previous Gift Tax Paid Applicable Estate Tax Credit Unified Credit Credit for Tax Paid on Prior Transfers Foreign Death Tax Credit ESTATE TAX CALCULATION Gross Estate Less Deductions Last Medical Administrative Costs Funeral Debts of the Decedent Losses During the administration of the Estate Equals: Adjusted Gross Estate Less: Unlimited Charitable Deduction Less: Unlimited Marital Deduction Less: State Death Tax Deduction cnscs ses uals: Taxable Estate Add: Previous Taxable Gifts (post 197 Equals: Tentative Tax Base Tentative Tax Less: Allowable Credits Credit for Previous Gift Tax Paid Applicable Estate Tax Credit Unified Credit Credit for Tax Paid on Prior Transfers Fo Death Tax Credit Dennis has an estate valued at $11,000,000. In addition, there is a fully paid-up life insurance policy on Mike's life that has a $2,000,000 death benefit. Dennis is married to Camille and has two children. Dennis is expected to dies before Camille, who is substantially younger than him. Dennis and Camille have asked you to help them with their estate planning and would like you to consider the following scenarios. Assume for each scenario funeral and administration expense of $150,000 and that all of Dennis's assets, including the death benefit on the life insurance policy be owns on his life, pass to Camille. Dennis's gross estate includes the $11,000 (XXn assets that he held at the date of his death, plus the $2,000 000 death benefit from the life insurance policy Dennis owned on this life at the time of the death. Note that Dennis has not made of his applicable estate tax credit nor did his executor that to transfer his unused estate exemption to Camille (they failed to elect portability) A) How much is Dennis's Estate Tax Liability? ESTATE TAX CALCULATION Gross Estate Less Deductions: Last Medical Expenses Administrative Costs Funeral Exp Debts of the Decedent Losses During the administration of the Estate Equals: Adjusted Gross Estate Less: Unlimited Charitable Deduction Less: Unlimited Marital Deduction Less: State Death Tax Deduction ses uals: Taxable Estate Add: Previous Taxable Gifts (post 1976 Equals: Tentative Tax Base entative Tlax Less: Allowable Credits Credit for Previous Gift Tax Paid Applicable Estate Tax Credit Unified Credit Credit for Tax Paid on Prior Transfers Foreign Death Tax Credit ESTATE TAX CALCULATION Gross Estate Less Deductions Last Medical Administrative Costs Funeral Debts of the Decedent Losses During the administration of the Estate Equals: Adjusted Gross Estate Less: Unlimited Charitable Deduction Less: Unlimited Marital Deduction Less: State Death Tax Deduction cnscs ses uals: Taxable Estate Add: Previous Taxable Gifts (post 197 Equals: Tentative Tax Base Tentative Tax Less: Allowable Credits Credit for Previous Gift Tax Paid Applicable Estate Tax Credit Unified Credit Credit for Tax Paid on Prior Transfers Fo Death Tax Credit