Assume the total lifetime estate tax exemption limit is $12 million. A married man, upon...
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Assume the total lifetime estate tax exemption limit is $12 million. A married man, upon his passing, leaves $3.2 million of his separate property to his wife and the other $4.5 million to his other heirs. Later that same year, his wife passes away and leaves an estate with a net worth of $29.8 million. How much of her estate is subject to estate taxes? Assume she has not earlier made any gifts in excess of the annual tax-free limit, and that the estate incurs negligible funeral and administrative expenses.
Please show all work in Excel
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