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Sully contributed $750,000 to an irrevocable trust. He did not retain any right to the trust’s...

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Finance

Sully contributed $750,000 to an irrevocable trust. He did notretain any right to the trust’s assets. The income beneficiary wasSully's sister, Kate, and the remainder beneficiary was aUniversity. When Sully died four years later, the value of thetrust was $1,500,000. How much will be included in Sully's grossestate?

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An Irrevocable trust can be created by transfer property or assets to a trust for accumulation purpose before the grantor is died The main difference between revocable and irrevocable    See Answer
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