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 ...
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.
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.
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 ...
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 ...
A record-breaking stock market has again generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are ...
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 ...
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 ...
The federal estate and gift tax exemptions are set to change in 2025, bringing new limits that affect gifting and estate ...
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 ...
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 ...