Minimizing the gift taxes

Reference no: EM13125055

Mr. and Mrs. Brown have never made a taxable gift. They have four children and ten grandchildren. Mr. and Mrs. Brown both have wills that leave their entire property to the other when one dies. They figure that there will be no estate taxes when the first spouse dies. What's wrong with this strategy if they want their kids to enjoy their wealth after they are gone? What other things can you suggest to them to minimize their gift taxes?

Reference no: EM13125055

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