Henry has established a revocable living trust, which he has only partially funded. Which of the following statements regarding this trust is CORRECT? Any assets that have been transferred to the trust before Henry's death will be subject to probate. Any income from the trust assets is taxable to the trust at trust income tax rates. Any assets that are not transferred to the trust before Henry's death will be subject to probate. A)II only B)III only C)I only D)II and III

Henry has established a revocable living trust, which he has only partially funded. Which of the following statements regarding this trust is CORRECT? Any assets that have been transferred to the trust before Henry's death will be subject to probate. Any income from the trust assets is taxable to the trust at trust income tax rates. Any assets that are not transferred to the trust before Henry's death will be subject to probate. A)II only B)III only C)I only D)II and III

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 6DQ

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Question

Henry has established a revocable living trust, which he has only partially funded. Which of the following statements regarding this trust is CORRECT?

Any assets that have been transferred to the trust before Henry's death will be subject to probate.
Any income from the trust assets is taxable to the trust at trust income tax rates.
Any assets that are not transferred to the trust before Henry's death will be subject to probate.

A)II only

B)III only

C)I only

D)II and III

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