Author Question: Example: Let's visit Donald and Margie Rivers. They have a combined wealth of $13 million. In ... (Read 35 times)

savannahhooper · **on:** Mar 2, 2019

Question 1

When the trustee has the sole discretion to make the determination regarding how the trust assets are distributed, this type of trust is called:

◦ Discretionary trust
◦ Revocable trust
◦ Inter vivos trust
◦ Testamentary trust

Question 2

Example: Let's visit Donald and Margie Rivers. They have a combined wealth of $13 million. In January of 2016, Donald Rivers dies. When he dies, $11.4 million of the assets are Donald's. This portion of the trust will be funded with $5,970,000. This amount of money is the irrevocable portion of the trust and not subject to estate taxes upon Donald's death, taking full advantage of his estate tax credit. This amount is arrived at by taking the amount Donald had at his death, $11.4 million and subtracting the $5,430,000 of the estate tax exemption. This is an example of?

◦ Discretionary trust
◦ Bypass trust
◦ Revocable trust
◦ Testamentary trust

ky860224 · **Reply #1 on:** Mar 2, 2019

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