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 ...

Unless Congress acts, on Jan. 1, 2026, the estate, gift and generation-skipping transfer (GST) tax exemption amounts will be cut in half. A decrease in the exemption amount could result in ...

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.

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.

Some tax professionals have been advising their clients that filing the IRS Form 706 Estate (and Generation-Skipping Transfer) Tax Return is not necessary for a surviving spouse. The reality is ...

In 2018, as part of the “Trump tax cuts,” the federal estate, gift and generation-skipping transfer (GST) tax exemption was increased to $11,180,000, with annual increases for inflation.

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 ...