Federal Gift Tax Issues of Abusive Trust Tax Shelters
Doug H. Moy
February 22, 2008
A federal gift tax is imposed on property transferred by gift. The gift tax applies whether the transfer is in trust or otherwise, direct or indirect, and whether the property transferred is real or personal, tangible or intangible. The transfer of trust property in which the trustee has no beneficial interest is not a gift by the trustee to the donee. However, such a transfer of property may be treated as a gift by the trustor, if, until the transfer, the trustor had the power to change the beneficiaries by amending or revoking the trust.
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