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The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]
Generational wealth -- the various financial assets that are passed down through families to children, grandchildren and beyond -- can come with pretty severe tax burdens for heirs. Estate...
A generation-skipping trust lets you avoid that middle round of taxes. But be aware that if assets in a generation-skipping trust exceed $14 million, they may themselves be subject to taxes , of ...
Also called the generation-skipping tax, this federal tax … Continue reading → The post What Is the Generation-Skipping Transfer Tax? appeared first on SmartAsset Blog.
The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include minimizing gift, estate, and generation-skipping transfer taxes. [ 1 ] [ 2 ] [ 3 ] Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate , and maximizing the value of the estate ...
Generation-skipping trusts can still be used to provide financial benefits to a grantor's children, however, because any income generated by the trust's assets can be made accessible to the grantor's children while still leaving the assets in trust for the grandchildren. Employee trust: A trust for the benefit of employees.
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