Ms. Ida May Fuller is seriously ill and has $6 million of property that she wants to leave to her four children. She is considering making a current gift of the property (rather than leaving the property to pass through her will).

Assuming any taxable transfer will be subject to the highest transfer tax rate, determine how much gift tax Fuller will owe if she makes the transfers now. Show and label your calculation.

How much estate tax will Fuller save if she dies after three years, during which time the property appreciates to $6.8 million? Show and label your calculation.

Besides transfer taxes, what other tax and financial factors should Fuller consider in making this choice? Discussion should be about two full pages, double spaced (12 pt Arial font.