Dave irrevocably transfers $1 million of marketable securities to a trust under which the trustee...
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Accounting
Dave irrevocably transfers $1 million of marketable securities to a trust under which the trustee is permitted to distribute income and/or principal to or among Dave and his children in such amounts as the trustee deems advisable. Upon Daves death, the trust assets will be distributed to Daves living issue.
Dave and his sister serve as co-trustees of the trust. Discuss the gift tax consequences to Dave upon funding the trust and the estate tax consequences to Daves estate upon his death.
How would your answer change, if at all, if Dave did not serve as trustee?
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