Florida  |  Tax Law

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10/31/09, 10:54 am

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Grandfather sets up revocable trust and dies in 1997. Father named income beneficiary with six grandchildren as remaindermen. Father dies early 2009 and trust terminates. Trustee informs remainders that generation-skipping transfer tax was not paid at time of grandfathers death. Question: What is the tax liability?Total value of trust around 1.4 mil.


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