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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]
A dynasty trust is a trust designed to avoid or minimize estate taxes being applied to family wealth with each subsequent generation. [1] By holding assets in trust and making well-defined (or even no) distributions to beneficiaries at each generation, the assets of the trust are not subject to estate, gift or generation-skipping transfer tax (GST) taxes.
A living trust is a common solution for many people with estate planning needs. However, few people know about its tax-filing requirements. Generally, any trust with at least $600 in annual income ...
However, in some cases a beneficiary can still avoid paying any taxes if he or she has received less from the trust than lifetime gift tax exemption. In 2022, that is set at $12.06 million for ...
Tax rates vary by state and locality, and may be fixed or graduated. Most rates are the same for all types of income. State and local income taxes are imposed in addition to federal income tax. State income tax is allowed as a deduction in computing federal income, but is capped at $10,000 per household since the passage of the 2017 tax law ...
The two main estate planning tools are wills and living trusts. While they have some overlaps, these instruments also have key […] The post Differences Between a Living Trust and a Will in Texas ...
The concept of a "QTIP trust" exists only for federal gift and estate tax purposes, and from a state law perspective, such a trust does not differ from any other trust except that it must meet the requirements of the Internal Revenue Code. States which levy an estate tax may also recognize the trust. [2]
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