Generation Skipping Transfer Tax
Recent PLR Clarifies Late Allocation of GSTT Exemption With Defective Split Gift
As discussed in a prior blog, the generation skipping transfer tax (“GSTT”) is a draconian tax of 40% on transfers to certain unrelated individuals younger than 37.5 years of the transferor, grandchildren and more remote descendants. Fortunately, however, Congress...
Sigh of Relief for Missed Allocation of GST Exemption
As I have discussed in a prior blog, the generation skipping transfer tax (“GSTT”) is a harsh tax and can total as much as 80%, when combined with the estate tax. Fortunately, each US individual is entitled to an exemption of $11.2 million in 2018. For our wealthy...