Answer:
$224,000
Explanation:
The money which Berry and Mary gift to their children and grand children in 2017 without any gift tax liability is as follows:
Children:
According to the policy, they can gift up to $14,000, without gaining any gift tax liability.
So, amount given by them is $14,000 x 3 (number of children) x 2 (Barry and Mary) = $84,000
Grandchildren
:
According to the policy, Barry and Mary can gift up to $14,000 without gaining any gift tax liability.
So, amount given by them is $14,000 x 5(number of children) x 2 (Barry and Mary) = $140,000
And therefore, the total amount of estate removed from Barry and Mary's estate is as follows:
$84,000 + $140,000 = $224,000
