Classify each statement appearing below.
a. No taxable transfer occurs
b. Gift tax applies
c. Estate tax applies
-Howard establishes a trust, life estate to his children, remainder to the grandchildren. Under its terms, the trust is revocable by Howard.

Question

Classify each statement appearing below.
a. No taxable transfer occurs 
b. Gift tax applies
c. Estate tax applies
-Howard establishes a trust, life estate to his children, remainder to the grandchildren. Under its terms, the trust is revocable by Howard.

Quizplus · Accepted Answer

The Answer of Classify each statement appearing below.
a. No taxable transfer occurs 
b. Gift tax applies
c. Estate tax applies
-Howard establishes a trust, life estate to his children, remainder to the grandchildren. Under its terms, the trust is revocable by Howard.

Classify Each Statement Appearing Below