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 ...
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 ...
A record-breaking stock market has again generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are ...
the generation-skipping tax may be a financial option to consider. The Generation-Skipping Transfer Tax (GSTT) is a tax imposed on transfers that skip a generation, such as from parent to grandchild.
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 ...
Often, this planning is coupled with a trust that is generation-skipping transfer tax exempt (and also a grantor trust) to improve multigenerational tax efficiency. The New Proposed Regulations ...
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 ...
The federal estate, gift and generation-skipping transfer tax rates are generally as high as 40%. Biden, however, has indicated that he may lower taxpayers' federal estate tax exemptions.