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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]
Income, gift, estate, and generation-skipping transfer tax planning plays a significant role in choosing the structure and vehicles used to create an estate plan. In the United States, assets left to a spouse who is a U.S. citizen or any qualified charity are not subject to U.S. Federal estate tax.
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.
Some states impose an inheritance tax on recipients of bequests. Gift taxes are levied on the giver (donor) of property where the property is transferred for less than adequate consideration. An additional generation-skipping transfer (GST) tax is imposed by the federal and some state governments on transfers to grandchildren (or their ...
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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."
“The tax code has gone from 400 pages to 4,000, and that extra 3600 pages are to turn rich people into super rich,” he told Steven Bartlett on a recent episode of his podcast “The Diary Of A ...