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Key Considerations with Generation-Skipping Transfer Tax
Manage episode 360652009 series 3434332
Inhalt bereitgestellt von Wiggin and Dana LLP's Erin Nicholls and Michael Clear, Dana LLP's Erin Nicholls, and Michael Clear. Alle Podcast-Inhalte, einschließlich Episoden, Grafiken und Podcast-Beschreibungen, werden direkt von Wiggin and Dana LLP's Erin Nicholls and Michael Clear, Dana LLP's Erin Nicholls, and Michael Clear oder seinem Podcast-Plattformpartner hochgeladen und bereitgestellt. Wenn Sie glauben, dass jemand Ihr urheberrechtlich geschütztes Werk ohne Ihre Erlaubnis nutzt, können Sie dem hier beschriebenen Verfahren folgen https://de.player.fm/legal.
On this episode, join Partners Erin Nicholls and Michael Clear as they discuss key considerations when addressing Generation-Skipping Transfer (GST) Tax. With a particular focus on interesting planning opportunities and things to look out for when addressing GST tax. Erin and Michael emphasize the importance of thinking strategically about GST tax and its effects on estate planning. For example, if gifts to a grandchild are in the form of qualified education or medical expenses paid directly to the educational organization or medical provider, the gifts may qualify for the “Med-Ed Exclusion” and not be subject to GST tax. Also, in addition to the more well-known gift tax annual exclusion, each person has a GST tax annual exclusion amount that they may allocate to gifts made to certain individuals, thereby potentially qualifying these gifts as free from gift and GST tax.
Keep in mind that planning for GST tax can be complicated, so tune into this week’s episode for an overview of different ways to consider GST tax in estate planning.
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