Jake Costello, a confirmed bachelor, has been a workaholic his entire life. Financially, he has been immensely successful. Jake's net worth is over $20 million. Now 86 years of age and in failing health, Jake has outlived his immediate family members and has no surviving relatives. Realizing "you can't take it with you," Jake decides that there is one beneficiary whom he does not want to receive any benefits from his estate after his death: the government (e.g., federal taxes).

Please answer the following questions:

1. What specific options could you suggest to Jake to accomplish his wish? Cite your source

2. If a person dies in 2022, how large must an estate be in order to have to file a Federal Estate Tax Return (in other words, what is the Federal Estate Tax Exemption- the amount that can be in an estate without having to file or pay federal estate tax)? Cite your source.

3. If a person makes a gift in 2022, how big a gift can be made without having to pay a Gift Tax under the Gift Tax Exclusion? What about if a married couple makes a gift? Cite your source.

4. What is the difference between an estate tax and an inheritance tax? Which one(s) (if either or both) does your state have? Cite your source.