If you have ever sought the advice of an estate planning professional, you’ve probably heard of the generation-skipping transfer tax (GSTT). It is likely that you and your descendants will not b ...
Individuals and businesses alike should take the time to ask and answer some simple questions to ensure their estate and ...
What else would you add about the estate tax exemption or estate planning? The generation-skipping transfer tax exemption would also be reduced by the sunset of the TCJA tax provisions. This exemption ...
The new year has brought notable changes to federal gift, estate and generation-skipping transfer (GST) tax rules. Inflation adjustments for 2024 offer fairly substantial increases to gift and ...
Upon a taxpayer making a gift that exceeds the annual exclusion amount, an IRS Form 709 Gift (and Generation-Skipping Transfer) Tax Return is then required to be filed to report the taxpayer’s ...
Be sure to minimize your estate taxes by knowing your gift, estate, and generation-skipping transfer tax limits, which may change yearly based on inflation. Consider provisions like a power of ...
An additional generation-skipping transfer tax — potentially up to 40% — can apply if you make these transfers to a grandchild or further descendant. There could be state-level estate or ...
One must file a gift tax return (IRS Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return) if one gives gifts that exceed the annual exclusion, are of a future interest ...
S 617, Death Tax Repeal Act of 2021 - repeal the estate and generation-skipping transfer taxes. HR 1979/S 794, Tax Excessive CEO Pay Act - corporate tax rate increase on companies whose ratio of ...