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1. Ch15 Financial Planning Exercise 7

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Chapter 15 Financial Planning Exercise 7 Calculation of estate taxes

Use Worksheet 15.1. When Jackson Holmes died in 2018, he left an estate valued at $7,850,000. His trust directed distribution as follows: $22,000 to the local hospital, $160,000 to his alma mater, and the remainder to his three adult children. Death-related costs were $15,400 for funeral expenses, $45,000 paid to attorneys, $6,000 paid to accountants, and $30,000 paid to the trustee of his living trust. In addition, there were debts of $140,000. Use Worksheet 15.1 and Exhibit 15.5 and Exhibit 15.6 to calculate the federal estate tax due on Jackson's estate. Round your answer to nearest whole dollar.

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