What is community property (assets or value earned during marriage) versus separate property (what you had before marriage or what was a gift or inheritance)? 2. Does basis in the assets make a difference in your planning? 3. Can Mom and Dad afford to pay tax for a gift trust's income tax? 4. How are Mom and Dad going to pay U.S. estate tax? 5. Can I gift an asset at a discounted value if I own a minority interest?