Michael Moriarty, a Widower, Is Quite Elderly and Is Beginning

question 25

Essay

Michael Moriarty, a widower, is quite elderly and is beginning to do some estate planning. His goal is to reduce his transfer taxes. He is considering purchasing land with a high potential for appreciation and owning it with his grandson as joint tenants with rights of survivorship. Michael would provide all of the consideration, estimated to be about 11.5 million. What tax issues should Michael Moriarty consider with respect to the purchase of the land?

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Definitions:

Micro-Motion Chart

A detailed motion analysis technique, using high-frame-rate camera recordings to study the individual components of a worker's movement to optimize efficiency and ergonomics.

Methods Analysis

The examination of how tasks are completed in order to identify efficiencies, reduce waste, and improve productivity.

Movement Chart

A graphical tool used to analyze the physical movement of objects or people within a system in order to optimize processes.

Analytical Target

A specific goal used in data analysis to guide the direction of study and the application of analytical methods.