1.Bess creates a trust with income to Thelma or Thelma’s estate for Bess’s life, and a remainder to Wendy or Wendy’s estate. What is the result for Bess when Bess predeceases all other parties in the following situations? a. Bess, as trustee, retains a power to invade corpus for Cirus. b. Bess, as trustee, retains a power to give the remainder to Cirus. c. Bess names herself trustee and, as trustee Bess is required to give Cirus (who is no relation to Bess) as much income as is needed each year for Cirus’ support and maintenance, with any excess income to go to Thelma. d. Bess retains a power subject to Thelma’s and Cirus’ approval to require a third party trustee to return the trust corpus to Bess. 2. Jessica’s employer, No-tell Corp., owed Jessica $8,500 in a year-end bonus that had not been paid at time of her death in December 2015. a. Is Jessica’s right to that amount includable in Jessica’s gross estate? b. What if the $8,500 is a benefit that Jessica’s employer agreed to pay to Jessica or Jessica’s estate only if Jessica continued to work for No-tell Corp. until Jessica’s retirement or death, and Jessica works until the day Jessica dies? c. If the $8,500 is a benefit that No-tell Corp. is not required by contract to pay, but that No-tell Corp. decides to pay all employees at the end of the year, and Jessica dies during the year and the amount is paid to Jessica’s estate, is the benefit included in Jessica’s gross estate under Section 2033?
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