1. What are the advantages of gifting rather than bequeathing assets? What are the nontax costs of doing so? 2. If the basis in an asset is low relative to its current market value, why might...

1. What are the advantages of gifting rather than bequeathing assets? What are the nontax costs of doing so?

2. If the basis in an asset is low relative to its current market value, why might bequeathing the asset be more efficient than giving it as a gift? Under what conditions will the gift route be preferred?