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James and Jasmine Live in a Community-Property State

question 132

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James and Jasmine live in a community-property state. This year they transferred $800,000 of property to an irrevocable trust that provides their son, Aaron, a life estate and their daughter, Lauren, the remainder. At the time of the gift, the Table S value for Aaron was .18031. What is the amount, if any, of the taxable gifts?


Definitions:

Patient Preferences

The desires or choices of a patient regarding their healthcare, including treatment options, based on their values and beliefs.

Electronic Care Planning

The use of digital tools and software to create, document, and manage plans for patient care in a healthcare setting.

Individual Needs

Specific requirements unique to each person, essential for their physical, emotional, and psychological well-being.

Validate

To confirm or recognize the legitimacy, accuracy, or authenticity of something.

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