Ownership rights in life insurance policy

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Reference no: EM133227779

Steve is considering the following transactions.

Explain to him which actions will constitute gifts for gift tax purposes.

1. Transferring all his ownership rights in a life insurance policy to another person

2. Depositing funds into a joint bank account in the names of himself and another party (who deposits nothing)

3. Paying half the consideration for land and hav-ing it titled in the names of Steve and his son as joint tenants with right of survivorship if the
son furnishes the other half of the consideration

4. Paying a hospital for the medical expenses of

1. neighbor

2. Making a $1 million demand loan to an adult child and charging no interest.

Reference no: EM133227779

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