The federal estate and gift tax exemptions are set to change in 2025, bringing new limits that affect gifting and estate ...
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 ...
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.