Identify the transfers subject to Federal gift tax. On April 21, John opens a joint account with his nephew Mark. On September 8, Mark withdraws $20,000 to purchase a house.             Jody changes her brokerage account to a joint account when she marries Paul. In order to pay for various personal expenses, Paul withdraws $17,000 three months later

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Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.