FCS $407$: Estate Planning for Families Unlimited Marital Tux $-$ Calculating Estate Tax Instructions: Calculating the value of estate tax using the charts. 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 $$150,000$ and that all of Dennis's assets, including the death benefit on the life insurance policy be owns on his life, pass to Camille Dennis's gross estate includes the $$11,000,000$ in 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 $1812\mathrm{.}000\mathrm{.}000$ Less Deductions: Last Medical Expenses Administrative Costs Funeral Expenses $ $150$K 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 Equals: Taxable Estate Add: Previous Taxable Gifts $($post $1976$ 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 Foreign Death Tax Credit