Would like an analysis on each topic to help me understand the differences!

Please discuss how the Income tax basis of property received by gift differs from the income tax basis of property received by inheritance. From your aforementioned analysis, please explain which situation is more advantageous to the recipient of such a wealth transfer. The treatment of life insurance for wealth transfer tax purposes is very much a function of the life insurance policy's incidents of ownership. Please describe some of the life insurance planning strategies mentioned in class designed to mitigate any unexpected wealth transfer tax issues associated with life insurance ownership. Taxpayers that will be subject to the Federal Estate tax often use gifting as a tax planning tool to minimize their estate tax exposure. In our wealth transfer tax discussion, I described the most optimal form of gifting that would reduce effectively a taxpayer's gross estate without reducing the taxpayer's $5,490,000 lifetime wealth transfer tax exclusion. Please discuss how this strategy would be operationalized. 4 legal documents that are important for taxpayer to maintain: 1) wills, 2) medical powers of attorney, 3) physicians directives, and general powers of attorney. Need to compare and contrast