A trust that is used to eliminate the trust property from the settlor's gross estate is a(n)
A) implied trust.
B) irrevocable living trust.
C) revocable living trust.
D) precatory trust.

Question

Quizplus · Accepted Answer

An irrevocable living trust is used to eliminate the trust property from the settlor's gross estate, as the settlor gives up control of the assets in the trust. Implied trusts, precatory trusts, and revocable living trusts do not necessarily have this purpose.

A Trust That Is Used to Eliminate the Trust Property