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Michele and Mitchell, married, are looking to transfer some of their wealth to the next generation. They have 4 grandchildren and 2 nieces. Assume
Michele and Mitchell, married, are looking to transfer some of their wealth to the next generation. They have 4 grandchildren and 2 nieces. Assume Michele and Mitchell want to transfer $1,920,000 evenly to these 6 individuals using just the annual gift tax exclusion and that the couple elects gift- splitting. Use the 2022 annual gift tax exclusion of $16,000 to answer this question. How many years would it take to transfer $1,920,000?
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