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I believe under section 709 of the tax code one can give away (divest ones estate) of $5,000,000.00 (or more) to ones heirs and, in doing, so provide for the income produced (if in the form of double tax free GO muni bonds held by said estate to be available tax free to the donor from the party recieving the gifted assets (assuming the donee is a living heir of the donor). Please correct and elaborate on the possibilities of this arrangement.

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