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Bob is 45 years old and a multi millionaire. He creates a trust with $2,000,000 and names his mentor, Rick (age 85), as a beneficiary to receive the income from the trust until he died. Once Rick dies, the income will be paid to his father, John (75). Once John dies, the trust will end and be paid to Bob's three children equally. Is Rick a skip person? (yes or no) Is John a skip person? (yes or no) Are the children skip persons? (yes or no) Will this trust ever be subject to

Bob is 45 years old and a multi millionaire. He creates a trust with $2,000,000 and names his mentor, Rick (age 85), as a beneficiary to receive the income from the trust until he died. Once Rick dies, the income will be paid to his father, John (75). Once John dies, the trust will end and be paid to Bob's three children equally. Is Rick a skip person? (yes or no) Is John a skip person? (yes or no) Are the children skip persons? (yes or no) Will this trust ever be subject to

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Bob is 45 years old and a multi millionaire. He creates a trust with $2,000,000 and names his mentor, Rick (age 85), as a beneficiary to receive the income from the trust until he died. Once Rick dies, the income will be paid to his father, John (75). Once John dies, the trust will end and be paid to Bob's three children equally. Is Rick a skip person? (yes or no) Is John a skip person? (yes or no) Are the children skip persons? (yes or no) Will this trust ever be subject to GSTT? (yes or no)
Transcribed Image Text:Bob is 45 years old and a multi millionaire. He creates a trust with $2,000,000 and names his mentor, Rick (age 85), as a beneficiary to receive the income from the trust until he died. Once Rick dies, the income will be paid to his father, John (75). Once John dies, the trust will end and be paid to Bob's three children equally. Is Rick a skip person? (yes or no) Is John a skip person? (yes or no) Are the children skip persons? (yes or no) Will this trust ever be subject to GSTT? (yes or no)
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