Does the grantor trust terminate dasvanhoonsen

Reference no: EM133335568

Assignment:

DasVan Hoopsen, Inc. ("DVH") is an S corporation that is wholly owned by Liam Hoops. Due to several of Liam's ancestors having had Alzheimer's disease, Liam decided to transfer many of his assets to various trusts. Liam is interested in transferring his DVH, Inc. stock to a trust, but he wants to keep control over DVH operations for as long as possible. As a result, he is interested in having a right to revoke the trust until such time as the trustee (one of the executives of DVH) and a medical professional determine he is no longer competent to operate the company. Following Liam's death, the terms of the Trust provide that the corporation's shares will be held in the Trust and not distributed to Liam's niece until she reaches the age of 25 years. Because this is a grantor trust, you explained to Liam that there are no income-shifting aspects in using this type of trust. Please prepare a memorandum to my attention that discusses the following:

1) Does the Grantor Trust terminate DasVanHoonsen, Inc.'s S-Election, and

2) Will DasVanHoopsen, Inc.'s S-election survive Liam's death.

Reference no: EM133335568

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