Question: Please define the term relating to a trust, including: grantor, trustee, beneficiaries, life estate, remainder interest. Describe the difference between a revocable trust and an

  1. Please define the term relating to a trust, including: grantor, trustee, beneficiaries, life estate, remainder interest.

  1. Describe the difference between a revocable trust and an irrevocable trust.

  1. Discuss the tax consequences of an irrevocable trust.

  1. Describe the provisions of a spendthrift trust.

  1. Explain the distributable net income concept.

  1. When is a trust deemed to be a grantor trust?

  1. When beneficiaries receive assets, how is basis determined?

  1. Discuss the concept of IRD. How is IRD taxed?

  1. Since the estate tax marital deduction is unlimited, is it always advisable to use it? Justify your response.

  1. Does a non-citizen spouse enjoy the same rights as a citizen spouse? If not, what options are available?

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