Freddie died on September 20, 2020, with the following assets:
1. A life insurance policy on Freddie's life with a face value of $500.000 and an interpolated terminal reserve of $40,000 and prepaid
premiums of $3.000. His son Finley is the beneficiary.
2. Stock in Isla Incorporated worth $200,000, which Freddie bought for $180,000
3. The attorney's spent $15.000 to administer the estate assets.
4. Prior Gifts: In 1995, Freddie gifted his personal residence to his son. Freddie purchased the home for $150,000 and at the time of the
gift the home had a FMV of $400,000
5. Freddie received income from a trust set up by his uncle who died in 2010. Under the trust, Freddie was entitled to receive $10,000
annually for life. Upon his death, the trust allowed Freddie to appoint the assets of the trust to whomever he wished. At his death, the
assets in the trust were worth $300,000, which Freddie appointed to his son.
Calculate Freddies Estate Tax Base
Value included in the Estate for Life Insurance Policy
Value included in the Estate for the isla Stock
Deduction allowed for administrative expenses
Adjusted Taxable Gifts
Assets in the Trust created by Freddie's uncle
Total Estate Tax Base
