Sue decides she will give her farm to her daughter since it is rapidly appreciat

Question

Sue decides she will give her farm to her daughter since it is rapidly appreciating as the city moves further and further into what used to be the country. She has her local attorney complete the deed by which she transfers all of her ownership rights to her daughter. She places the deed in her safe deposit box and proceeds with "life" forgetting all about it. When she dies and her daughter cleans out the safe deposit box, the daughter finds the deed. She takes it to the attorney who advises her that it doesn't matter that she found this deed. He states that the property will still be included in her mother's gross federal estate because there was no completed gift. Which of the following is the best explanation as to why the attorney is correct that there is no completed gift?

a. Because Sue did not have a gratuitous intent when she prepared the deed to transfer it to the daughter.

b. Because Sue's daughter never had an opportunity to formally accept the gift.

c. Because Sue never gave up control and dominion of the real estate for the deed was never delivered and recorded to give up ownership rights of the real estate.

d. None of these statements are correct.

Explanation / Answer

Option A

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