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Bev has one daughter and three grandchildren.Bev owns approximately $6 million of assets primarily composed of a very valuable parcel of real estate and a savings account of $500,000.Bev can gift $56,000 in total in 2016 to her family members without creating taxable gifts.
Long-Lived Assets
Assets with a useful life of more than one year, typically including property, plant, and equipment, which are used in the operations of a business.
Land Improvements
Enhancements made to a piece of land to increase its value or functionality, such as landscaping, fencing, and adding utilities.
Intangible Assets
Non-physical assets such as patents, copyrights, trademarks, and goodwill.
Trademark
A recognizable sign, design, or expression which identifies products or services of a particular source from those of others, legally registered to claim exclusive rights.
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