Thanks a lot for your previous responses to my variousqueries.At this time my husband and I are considering taking advantage of the gift tax laws to transfer assets to our son and his wife. The asset in question is appreciated real estate which they are presently renting from us. I understand an appraisal is necessary before issuing a grant deed for a percentage ownershipequivalent to $ 40'000. max. per year. If we continuethis pattern in subsequent years, will it be necessaryto have appraisals each year, so the percentage reflects the latest and possibly changed value of theproperty?In our area with high real estate values, this processmay take quite a number of years before they are 100%owners and we have successfully transferred an entireasset without incurring capital gains tax on the appreciation. Do you have any other suggestions onaccomplishing this goal (we don't want to move into itourselves for two years!)?Thanks very much.
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