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My parents recently set up an irrevocable trust and transferred some assets into the trust, including property. They are currently retired and do not have enough income to be required to file a federal tax return. The paperwork for the transfer was such that the jointly held property was transferred 1st to one of my parents and then into the trust.

I have 2 questions:

1) Are there any gift tax consequences associated with the transfer of the property into the trust? Is necessary to file a federal tax return in regards to any gift taxes?

2) I am a trustee, but the assets are currently held by the trust. Am I required to file any paperwork (tax or otherwise) related to the transfer and/or gift taxes.

Thanks in advance, -- Jake
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