hard · Certified Financial Planner Tax Planning
The Beckett family establishes an Irrevocable Life Insurance Trust (ILIT) for their three children and contributes 54,000 to pay the first premium. The trust includes a 'five-and-five' Crummey power.
If one child allows their 18,000 withdrawal right to lapse, what is the value of the taxable gift made by the child to the other beneficiaries?
- 18,000
- 19,000
- 0
- 13,000
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