Question: Mary is 88 years old. She has previously fully utilized her lifetime exemption. Jim recommends that she begins to utlizing a series of 2 year

Mary is 88 years old. She has previously fully utilized her lifetime exemption. Jim recommends that she begins to utlizing a series of 2 year zeroed out GRATs to remove assets from her estate without triggering a gift tax.

Who is the annuitant of the GRAT

Who is generally the remainderman of the GRAT

What variable generally changes to "zero out" the GRAT

What are the income tax consequences?

What are the gift tax consequnces?

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