Indicate by a T if the following results in a taxable gift and an N if it does not result in a taxable gift.
-Converting a revocable trust to an irrevocable trust

Name: Indicate by a T if the following results in a taxable gift and an N if it does not result in a taxable gift. -Converting a revocable trust to an irrevocable trust
Brand: Quizplus
Rating: 4.9 (53 reviews)

Question

Quizplus · Accepted Answer

Converting a revocable trust to an irrevocable trust is considered a completed gift because the grantor relinquishes control over the assets, making it subject to gift tax.

Indicate by a T If the Following Results in a Taxable