Bob and Paige Are Married and Live in a Common

question 142

Essay

Bob and Paige are married and live in a common law state. Bob owns some real estate (fair market value of $560,000) which they would like to give to their five adult married children. The spouses of their children (e.g., son-in-law, daughter-in-law) are to be included in the gifts. Bob and Paige do not want to use any of their unified transfer tax credit. Assuming an annual exclusion in the amount of $14,000, suggest a viable way to structure the transfer.

---

Definitions:

Social Alliances

Relations or partnerships formed between individuals or groups for mutual benefit or to achieve common goals.

Highly Stereotyped

Referring to actions or behaviors that are very predictable and lack variation.

New Shelters

Structures or locations designated as places of safety or refuge, commonly used to refer to housing solutions for the homeless or victims of disasters.

Smiling Behavior

Smiling behavior involves the upward curvature of the mouth, which is universally recognized as an expression of happiness, friendliness, or amusement.