LO.1 In 2012, Dale (age 72) creates a trust with assets worth $6 million. Under the terms

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LO.1 In 2012, Dale (age 72) creates a trust with assets worth $6 million. Under the terms of the trust, Dale retains a life estate with the remainder passing to Nicole (age 33) upon his death. In the month the trust is created, the interest rate is 4.6%.

a. Determine the amount of Dale’s gift. Of his taxable gift.

b. Does the answer in part

(a) change if Nicole is Dale’s wife? (Refer to Chapter 18, if necessary.)

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