Classify Each Statement Appearing Below

question 85

Short Answer

Classify each statement appearing below.
a. No taxable transfer occurs
b. Gift tax applies
c. Estate tax applies
-Howard establishes a trust, life estate to his children, remainder to the grandchildren. Under its terms, the trust is revocable by Howard.

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Definitions:

Innate Propensities

Natural tendencies or inclinations that individuals are born with.

Social Development

The process by which individuals acquire the values, behaviors, and social skills necessary for functioning effectively in society.

Personality Formation

The process through which children develop their own unique patterns of feeling, thinking, and behaving in a wide variety of circumstances.

Leader

An individual who guides or directs a group towards achieving specific goals or objectives.