Gary creates a trust during his lifetime. The trust provides that all of the income is to be paid to Gary$$s child, Laura, for her lifetime. Upon the death of Laura, the trust is to terminate, and the remaining property is to be paid to Laura$$s issue, per stirpes. Gary names the Central Trust Company as the sole trustee$\mathrm{.}$

$1.$ Gary retains the right to revoke the trust in his own discretion. Is he treated as the owner of the trust?$\mathrm{}$

$2.$ Alternatively, Gary retains the right to revoke the trust if Central Trust Com$-$pany consents to the revocation. Is Gary treated as the owner of the trust?$\mathrm{}$

$3.$  Alternatively, Gary retains the right to revoke the trust if Laura consents to the revocation. Is Gary treated as the owner of the trust?$\mathrm{}$

$4.$  Alternatively, Gary retains the right to revoke the trust if Gary$$s wife, Toni, consents to the revocation. Is Gary treated as the owner of the trust?

Answer rating: 100% (QA)

1 If Gary retains the right to revoke the trust in his own discretion he is treated as the owner of ... View the full answer