A wealthier partner may establish a GRIT and name his partner as remainder beneficiary of the trust. Which statement is not characteristic of a GRIT?
a. A grantor can transfer a business interest to the trust.
b. The taxable gift is equal to the value of the assets placed in trust.
c. A GRIT can reduce transfer taxes and increase the less wealthy partner’s estate to utilize that partner’s $5,340,000 exclusion.
d. A beneficiary does not pay gift taxes on trust property received after a grantor’s income interest ends.