The total amount removed from Barry and Mary's estate in 2020 if they gift the maximum allowable amount is $210,000.
Gift tax allowance for 2020 is $15,000
Number of donors = 2
A. Gift allowance for children :
Gift allowance = $15000× Number of donors ×Number of children
Gift allowance= $15000×2×5
Gift allowance= $150,000
B. Gift allowance for grand children:
Gift allowance = $15000× Number of donors ×Number of grand children
Gift allowance = $15000×2×2
Gift allowance = $60,000
Total amount of estate removed from Barry and Mary's estate in 2020
Total amount of estate removed= A + B
Total amount of estate removed= $150,000 + $60,000
Total amount of estate removed= $210,000
Inconclusion the total amount removed from Barry and Mary's estate in 2020 if they gift the maximum allowable amount is $210,000.
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