Sophisticated estate planning techniques can eliminate federal and state estate, gift and generation skipping transfer
taxes that may otherwise take away significant portions of one s wealth.
The generation skipping transfer
tax is applied to transfers made to generations two or more levels younger than the taxpayer, such as grandchildren.
If Congress fails to enact new estate tax legislation and make it retroactive to the beginning of this year, an unlimited amount of wealth could be transferred by decedents that will avoid the estate tax and generation skipping transfer
His specializations include trust and estate planning, particularly generation skipping transfer
taxes and business succession planning; income tax planning and consulting; stock option planning; cash flow and risk management planning; retirement planning; education planning and charitable giving.
In addition, the bill rcunifies the gift, estate and Generation Skipping Transfer
tax exemptions and makes the lifetime exemption portable between spouses, such that if it is not used by the first spouse to die, it would be available to the survivor.
Under IRC section 7491, in any court proceeding the IRS has the burden of proof with respect to any factual issue relevant to determining a taxpayer's liability for any income, self-employment, gift, estate and generation skipping transfer
Personal trust services provided by McDonald Trust will include irrevocable and revocable personal trusts, asset protection trusts, credit shelter trusts, generation skipping transfer
trusts, dynasty trusts and irrevocable life insurance trusts.
This article examines recent developments in estate, trust, gift and generation skipping transfer
Congress included the proposal the AICPA helped develop to modify the generation skipping transfer
tax in its bill to repeal estate taxes.
Since the IRS maintains separate records for income, gift, estate and generation skipping transfer
taxes, the notification should say what type of tax is affected by the address change.
The 2010 Tax Act lowered estate, gift and generation skipping transfer
(GST) tax rates, effective only during a two-year window of opportunity.
1975 of the 106th Congress (The Generation Skipping Transfer
Tax Amendments Act of 1999), and the House, Senate (modified version), and conference agreement bills of H.