When Judy Ludwig died in 2005, she left an estate of $4 million after federal estate and
Question:
When Judy Ludwig died in 2005, she left an estate of $4 million after federal estate and state death taxes. Under Judy's will, the assets were left in trust for her son Mark, and the trustee could make distributions of income to Mark or his issue. At Mark's death, any remaining principal and income was to go to his issue. Judy's executor allocated $1 million GSTT exemption to this trust, which is the entire amount Judy had available at her death. In 2023, the trustee made a distribution of $200,000 to Mark's son Peter, while Mark was still alive; the trust was worth $5 million when Mark died later in 2023. What are the GST tax consequences at the time of Mark's death?
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill