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Transferor Provisions. John died in 2009. What amount, if any was included in his gross estate in each of the following situations?

a. In 1994 John created a revocable trust funded it with $400,000 of assets as well as named a bank as trustee. The trust instrument delivered that the income is payable to John annually for life. Upon John's death, the assets were to be divided similarly among John's descendants. When John died at the age of 72, the trust was still revocable. The faith assets were then worth $480,000.

b. In 1995, John conveyed title to his personal residence to a charitable organization however retained the right to live there rent free for 20 years. The dwelling was worth $150,000 on the transfer date. At John's death, the residence was worth $230,000.

c. In 1995, John created an irreversible trust, funded it with $200,000 of assets and named a bank as trustee. According to the trust agreement all the belief income was to be paid out annually for 25 years. The trustee nonetheless is to agree how much income to pay each year to each of the three beneficiaries (John's children). Upon conclusion of the trust the assets are to be distributed equally among John's three children (now adults) or their estates. The trust's assets were value $500,000 when John died.

d. In 1996, John created a final trust with a bank named as trustee. He elect his grandson Al as the beneficiary of all the income for life. Upon Al's death the property is to be dispersed equally among Al's descendants. The trust assets were value $400,000 when John died

Business Management, Management Studies

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