Which of the following trusts would most likely not be subject to an estate tax,but might be subject to a gift tax?

Question

Quizplus · Accepted Answer

An irrevocable trust is a trust where the grantor transfers title and control of the assets to the trust, and thereby relinquishes ownership of the assets. Since the grantor no longer owns the assets, they are not subject to estate tax upon the grantor's death. However, if the grantor gifts assets to an irrevocable trust during their lifetime, it may be subject to gift tax. Revocable, living, and testamentary trusts are all subject to estate tax.

Which of the Following Trusts Would Most Likely Not Be