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Pam, a widow, is in the top marginal income tax bracket and has considerably more...

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Accounting

Pam, a widow, is in the top marginal income tax bracket and has considerably more income than she can spend. She is considering creating a trust for the benefit of her adult son James but is reluctant to make it irrevocable, at least presently. If she funds a revocable trust that must distribute all of its income to James, will James be taxed on the income? How may this trust help reduce the size of Pam gross estate?

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