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?

---

Definitions:

1863

A significant year in U.S. history marked by the Emancipation Proclamation, which declared the freedom of slaves in Confederate territories.

No Man's Land

A term used to describe the unoccupied land or territory between opposing trenches on a battlefield, especially during World War I, often dangerous and heavily mined.

Front Lines

The most forward position of an army or fleet during a conflict where direct fighting occurs.

Heavily Wooded

Describes an area densely populated with trees and forest vegetation, often indicating a rich ecological environment.