Mr. & Mrs. Clinton are in their 80s. They have saved millions of dollars and need to begin taking steps to minimize their estate tax liability
They have asked you for advice, and you tell them, "Give each of your children, grandchildren, and great-grandchildren a cash gift to start spending down your estate." Is this correct?
A) Yes
B) No, because they still will have to pay income taxes on the gifts
C) No, because they will still be subject to the uniform transfer tax
D) No, because there are limits to yearly gifts
D
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