Question

You are a Tax manager and your spouse recently took control of an ailing parent's estate that is managed through a trust. They informed you of the investments included in the trust, several of which are restricted, and one of which is an entity for which you are a covered person. Can the trust continue to hold these restricted investments once you have control? Choose the Correct Letter A. No, any investments controlled by an immediate family member are considered direct financial interests and must be disposed if you are a covered person. B. Yes, if you are not involved in the management of the trust, it can continue to hold these investments. C. Yes, if the parent is alive, there are no independence restrictions over the Trust. D. No, the trust must dispose of all restricted investments, regardless of whether you are a covered person or not.

          You are a Tax manager and your spouse recently took control of an ailing parent's estate that is managed through a trust. They informed you of the investments included in the trust, several of which are restricted, and one of which is an entity for which you are a covered person. Can the trust continue to hold these restricted investments once you have control? Choose the Correct Letter 
A. No, any investments controlled by an immediate family member are considered direct financial interests and must be disposed if you are a covered person. 
B. Yes, if you are not involved in the management of the trust, it can continue to hold these investments.
C. Yes, if the parent is alive, there are no independence restrictions over the Trust.
D. No, the trust must dispose of all restricted investments, regardless of whether you are a covered person or not.

Added by Jennifer M.

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