Martin creates an irrevocable trust as part of his end-of-life planning, and transfers assets into the trust at his basis.
After the trust is established, he has irrevocably given up control of the assets.
Question: Is the irrevocable trust a "related" party??
1. Is it a related party if the controlling party is a family member?
2. Is it a related party if the controlling party is NOT a family member (such as an attorney)?
After the trust is established, he has irrevocably given up control of the assets.
Question: Is the irrevocable trust a "related" party??
1. Is it a related party if the controlling party is a family member?
2. Is it a related party if the controlling party is NOT a family member (such as an attorney)?
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