Donna Transfers $200,000 of Property to an Irrevocable Trust with a Bank

question 50

Essay

Donna transfers $200,000 of property to an irrevocable trust with a bank as trustee. Donna names Toby (age 60)to receive all of the trust income for the rest of his life. At Toby's death, the property is to pass to Al or Al's estate. What kind of interest do Toby and Al possess?

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Definitions:

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Toppling

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A significant date marking the terrorist attacks in 2001 on the World Trade Center in New York and the Pentagon, leading to widespread global effects.