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I am trying to assess the wisdom from a tax standpoint of gifting real estate interests to family members.

Without quoting further, I'm going to recommend that you consult a good tax professional to explore your options. I'm given to believe that there are ways this can be done over a period of years to avoid gift tax exposure, but it's way beyond my pay grade. The answers to your basic questions are fairly easy, but the best individual solution requires individual attention.

Phil
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