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Roberto transferred rental property worth $300,000 to an irrevocable trust this year. Roberto s son Milo, age 14, is the beneficiary of the trust. Roberto

Roberto transferred rental property worth $300,000 to an irrevocable trust this year. Roberto s son Milo, age 14, is the beneficiary of the trust. Roberto s wife, Francesca, is the trustee. The rental income will accumulate in the trust and be distributed to Milo when he turns age 35. How will this transfer affect Roberto s gift tax and estate tax

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