Question
Estate Finance Family Tax Plan Question Father creates a trust that provides income to Son for Son's life.Upon Father's death, the remainder of the trust
Estate Finance Family Tax Plan Question
Father creates a trust that provides income to Son for Son's life.Upon Father's death, the remainder of the trust will continue in trust for Son until he reaches age 35, at which point the remainder will be distributed to him.If Son is age 35 or older at father's death, then the remainder of the trust is distributed to him outright.If Son dies at any point during the administration of the trust, then the trust terminates and the remainder is distributed to Grandson.
Based on the information above, please answer the following questions:
- In 2019, Son is 30.Do you think this trust is a GST trust for transfers made by Father to the trust in 2019?Why or why not?
- In 2029, Son is 40.Do you think this trust is a GST trust for transfers made by Father to the trust in 2029?Why or why not?
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Integrated Accounting
Authors: Dale A. Klooster, Warren Allen, Glenn Owen
8th edition
1285462726, 1285462721, 978-1285462721
