Question

At the time of her death, Katelyn was (or had been) involved in the following trust arrangements. As to these trusts, how much is included in Katelyn’s gross estate?

	Trust A. Created by Katelyn ten years ago as a revocable trust with $1 million in assets. The trust provides for a life estate to Katelyn, remainder to her siblings. When Katelyn died Trust A’s assets were valued at $5.1 million.
	Trust B. Created by Joe’s will (Katelyn’s father) and provides for a life estate to Katelyn, remainder to her children. Trust B was worth $2 million when created and $3 million when Katelyn died.
	Trust C. Created by Katelyn five years ago, provides for a life estate to Katelyn’s children, remainder to their children (i.e., Katelyn’s grandchildren). Trust C was worth $1.5 million when created and $2.4 million when Katelyn died.

Answer 1

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