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Transfers property to himself as trustee for his children.

George transfers property to himself...
George transfers property to himself as trustee for his children. The trustee has the power to distribute income and principal among his children in accordance with a fixed and ascertainable standard. Which of the following statements is correct?
George has made a completed transfer for gift tax purposes.
George has not made a completed transfer for gift tax purposes because he can control the beneficial enjoyment of the property conveyed to the trust.
George has not made a completed transfer for gift tax purposes because he is a trustee.
The transfer is complete as property actually passes to the children.
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Answered in 3 minutes by:
3/19/2018
Lev
Lev, Tax Advisor
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George has not made a completed transfer for gift tax purposes because he can control the beneficial enjoyment of the property conveyed to the trust.

Lev
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