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Question 14 12 pts 14.. a) Warren Buffet is a billionaire. He has announced he intends to leave almost all his wealth to the Bill and Melinda Gates Foundation, a registered Charitable Foundation. Will this eliminate Buffet's potential estate tax liability? If yes, why, if not, why not? Answer parts (a) through (f) b) Suppose Bart was married and he leaves everything to his spouse Annette. Would there be any estate tax to pay, and if yes how much of the estate would be subject to the tax? c) Suppose instead that Bart leaves his entire $50 million in trust to pay the income to Annette for her life and upon her death the assets go to Bart's sister Irene. Assume the executor of the estate makes no elections on the estate tax return. Assume the value of Annette's life estate is $20 million. Would the estate have to pay any estate tax? Why or why not? d) What is a general power of attorney? e) What happens if Annette dies holding an unexercised general power of attorney? f) What happens if Annette dies holding an unexercised special power of attorney? Question 14 12 pts 14.. a) Warren Buffet is a billionaire. He has announced he intends to leave almost all his wealth to the Bill and Melinda Gates Foundation, a registered Charitable Foundation. Will this eliminate Buffet's potential estate tax liability? If yes, why, if not, why not? Answer parts (a) through (f) b) Suppose Bart was married and he leaves everything to his spouse Annette. Would there be any estate tax to pay, and if yes how much of the estate would be subject to the tax? c) Suppose instead that Bart leaves his entire $50 million in trust to pay the income to Annette for her life and upon her death the assets go to Bart's sister Irene. Assume the executor of the estate makes no elections on the estate tax return. Assume the value of Annette's life estate is $20 million. Would the estate have to pay any estate tax? Why or why not? d) What is a general power of attorney? e) What happens if Annette dies holding an unexercised general power of attorney? f) What happens if Annette dies holding an unexercised special power of attorney