A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you. What is a GST Trust? … [Read more...] about What is a GST Trust?
Congress passed a new tax law just before leaving for the holidays. The new law temporarily doubles the estate, gift, and GST exemption. The law increases the standard deduction and limits deductions for state and local taxes. Read the article to find out more about the new law and how it will impact you. New Year’s Greetings … [Read more...] about New Year’s Greetings
Estate planning often aims to achieve much more than simply designing a road map for the division of estate assets after death. Most estate plans, for example, also include tax avoidance strategies and tools. In fact, in years past creative estate planning was commonly used to pass down family wealth without incurring a substantial tax liability in the process. Uncle Sam finally started to catch on though and eventually implemented the Generation Skipping Tax, or GST, to make sure all transfers … [Read more...] about What Is a Generation Skipping Tax?