In 2000, Irv Creates a Revocable Trust, Income Payable to His

question 54

True/False

In 2000, Irv creates a revocable trust, income payable to his children for life, remainder to his grandchildren. In 2007, Irv relinquishes the power to revoke the trust. If Irv dies in 2011, the trust is not included in his gross estate.

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Definitions:

Branch Banking

Refers to a banking system where a single bank operates multiple outlets or branches, providing a range of banking services in different locations.

Banking Laws

Legislation that governs the operation of banks and other financial institutions, including regulations on lending, deposit taking, and investments.

State Charters

Legal authorizations granted by U.S. states that allow specific institutions, typically banks or corporations, to operate within those states.

State Charters

Legal authorization provided by a state to create an organization, such as the formation of banks or corporations under state law.