In 1978, X created an irrevocable trust.The trust income is paid annually to whichever of his children X designates.The trust will terminate when X's youngest child reaches age 25, at which time all trust assets will pass to the children in equal shares.X dies while the trust was still in existence.The date-of-death value of the trust assets will be includible in X's gross estate.

Question

Quizplus · Accepted Answer

Since X created an irrevocable trust, the assets in the trust will be considered part of X's gross estate for tax purposes, including the date-of-death value of the trust assets.

In 1978, X Created an Irrevocable Trust