Estate Tax Base:

At the date of his death in 2018, Raymond owned the following assets:

- Cash of $3,500,000 in a bank account.

- Stock owned jointly by him and his wife of $1,500,000, which was purchased for $500,000 ten years ago

- A life insurance policy of Raymond's life of $3,000,000 with his wife as the designated beneficiary.

- Land purchased with his sister in joint tenancy for $1,800,000 with Raymond purchasing all of the land.

In addition, Raymond made a cash gift of $100,000 to his sister in 2017.

He also paid his nephews tuition directly to the university.

How much of the above amounts will be included in his taxable transfers in order to calculate his estate tax due?

Taxable Transfers: Amount Included in Estate Tax Calculation (NOT Gross Estate):

1. Cash

2. Stock

3. Life Insurance

4. Land

5. Gift to sister

6. Gift to nephew

Assuming Raymond had funeral and administrative expenses of $100,000, what is his estate tax liability?

How much of Raymond's lifetime exemption is left to be portable to his wife, assuming she does not remarry?