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 ...
Individuals and businesses alike should take the time to ask and answer some simple questions to ensure their estate and ...
A record-breaking stock market has again generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are ...
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 ...