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In 2009, each taxpayer enjoyed a $3,500,000 exemption from the generation-skipping tax. That meant that only aggregate gifts and bequests to grandchildren or younger beneficiaries (or generation-skipping trusts) in excess of $3,500,000 (potentially $7,000,000 for a married couple acting in concert) would be subject to the GST tax.
The fiscal year 2014 budget called for returning the estate tax exclusion, the generation-skipping transfer tax and the gift-tax exemption to the 2009 level, $3.5 million, in 2018. [45] The exemption amounts set by the Tax Cuts and Jobs Act of 2017, $11,180,000 for 2018 and $11,400,000 for 2019 again have a sunset and will expire 12/31/2025
The post Understanding Portability of the Estate Tax Exemption appeared first on SmartReads by SmartAsset. Estate planning could seem daunting, but it can also be made simpler by understanding key ...
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...
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.
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."