Question: Your client, Albert, is 68 years old. He is interested in establishing a trust with a value of $6,000,000 for his family. He is aware
Your client, Albert, is 68 years old. He is interested in establishing a trust with a value of $6,000,000 for his family. He is aware of the Generation Skipping Transfer Tax, and he has asked you for your advice as to which of the following would be considered a skip person. Which of the following is a skip person?
Select one:
a. Albert's son Patrick, who is age 17.
b. Albert's grandson Connor, age 14, whose mother (Albert's daughter) died in an auto accident this year.
c. Albert's mother Thelma.
d. A trust that Albert had established 3 years ago for Albert's favorite employee, Sam who has just turned 50.
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