In 2021, Geraldine, a married woman, purchases a vacation home for $800,000 and takes title in her name and the names of her 4 children as JTWROS. Neither Geraldine nor her spouse has made any other gifts to the children in 2021. Which of the following statements regarding this transaction is(are) CORRECT?

1. No taxable transfer occurs until Geraldine dies.

2. If Geraldine elects gift-splitting with her spouse, the taxable gift to each child will be $130,000.

3. If Geraldine dies, the vacation home will not be included in her probate estate.

4. Geraldine has made a taxable gift of $145,000 to each of her 4 children.