1. You have made an appointment with a lawyer to begin estate planning. Your current balance sheet shows a net worth of $2.7 million. If executor fees range from 2 to 4% of the value of the assets,...

1. You have made an appointment with a lawyer to begin estate planning. Your current balance sheet shows a net worth of $2.7 million. If executor fees range from 2 to 4% of the value of the assets, what should you plan on paying?

2. Your parents gave you $30,000 worth of Apple stock in 2014. In 2016, the shares are worth $55,000.

a. What is the taxable amount for the gift tax in 2014?

b. By what amount was your parents’ estate value reduced after giving you this gift?

c. What would the taxable amount of the gift be if your parents waited until 2016 to give you the Apple stock?