What is the name of your state? California
Does the following trust meet IRS requirements regarding the exemption to the Generation Skipping Transfer Tax?
Smith establishes a trust for his descendants.
1. Son is sole trustee.
2. The son is to “pay the income” to himself.
3. The son may also pay “sums from the principal” to himself
—if he deems the payments are “necessary or advisable” for his “health, maintenance, support and education, considering his income from all sources.”
4. The son can specify in his will how the assets shall be distributed among other descendant’s of his father.
On the son’s death, will all assets remaining in the trust be included in the son’s estate for purposes of the inheritance tax?What is the name of your state?
Does the following trust meet IRS requirements regarding the exemption to the Generation Skipping Transfer Tax?
Smith establishes a trust for his descendants.
1. Son is sole trustee.
2. The son is to “pay the income” to himself.
3. The son may also pay “sums from the principal” to himself
—if he deems the payments are “necessary or advisable” for his “health, maintenance, support and education, considering his income from all sources.”
4. The son can specify in his will how the assets shall be distributed among other descendant’s of his father.
On the son’s death, will all assets remaining in the trust be included in the son’s estate for purposes of the inheritance tax?What is the name of your state?