A record-breaking stock market has again generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are ...
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 ...
An overview of Treasury regulation section 26.2642-7 is provided, detailing GST exemption allocation relief request procedures.
To avoid estate taxes, wealthy Americans buy offshore life insurance policies, and stash assets including mansions in trusts.
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 ...
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 ...