Question: Fabio transferred $ 1 0 , 0 0 0 , 0 0 0 to the Fabio Family Trust. The trust is designed as an irrevocable

Fabio transferred $

10, 000, 000

to the Fabio Family Trust. The trust is designed as an irrevocable grantor trust. Fabio retained a

3 %

annuity payout from the trust for the lesser of five years after the establishment of the trust or until his date of death, and he has named his only nephew, Alex, as the remainder beneficiary of the trust. Of the following statements regarding this trust, which is true?

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