Mr & Mrs Clinton Are in Their 80s

question 55

Multiple Choice

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

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Definitions:

Instrument Analysis

The use of instruments to measure and analyze the physical and chemical properties of substances.

TNT

Trinitrotoluene, an explosive compound used in munitions and as a reference for measuring explosives' strength.

Walk-through Detector

A type of security device designed to detect metal objects, such as weapons or contraband, on individuals as they pass through the detection framework.

Airport Explosive

A term referring to explosive materials or devices detected or mitigated in airport security measures.