I HAVE A CLIENT HUSBAND AND WIFE AND HAVE TWO ADULT DAUGHTER. THE WIFE HAS 200,000 IN AN IRA THEIR BOTH OVER 60. MY UNDERSTANDING IS THAT THEY CAN GIVE UP TO $26,000 PER YEAR AND NOT CAUSE A TAXABLE EVENT TO THE DONEE. THE DONERS DO HAVE TO FILE FORM 709 TO KEEP TRACK OF THE GIFTS. SINCE THE SPOUSE IS MAKING A WITHDRAWL FROM THE IRA WHICH WILL TRIGGER A TAXABLE EVENT MEANING A 1099. IF THE DAUGHTERS USE THE GIFT TO PURCHASE WHOLE LIFE INURANCE FOR BOTH PARENTS WHO SHOULD OWN THE POLICY AND WHY? WHAT ABOUT THE CASH VALUE THAT ACCUMULATES IN THE POLICES WHO HAS ACCESS TO IT? THANKS