Question 3 4 pts Paul transferred $2 million to a GRAT naming her two sons as the remainder beneficiaries, while retaining an annuity presently valued at $860,000. If this is the only transfer that Paula made during the year, what is Paul's total taxable gifts for that year? O $2,000,000 O $1,140,000 O $1,972,000 O $1,112,000 Question 4 4 pts Floyd has a gross estate of $14 million and Thelma has an estate of $2 million. Floyd wants Thelma to receive a life estate in a trust that qualifies for a marital deduction in his estate and which passes the remaining assets to his children from a prior marriage. He also wants to utilize his unified credit and reduce the couple's combined estate tax liability. All of the following estate planning techniques will accomplish Floyd's objectives, except: O Floyd should establish a power of appointment trust for Thelma. O Floyd should transfer $6 million to Thelma to equalize their estates. O Floyd should establish a testamentary bypass trust in his will. O Floyd's executor should qualify the trust with a life estate for a marital deduction in Floyd's estate. Question 5 4 pts Michelle, a widow, transferred her Newport personal residence, worth $3,500,000, in a QPRT trust over a 15 year period with the home going to her kids after the term. If she dies during the 15 year term, how much of the residence would be on her estate? O $0 O FMV at the time of her death O $1,750,000 O $3,500,000