The generation-skipping transfer tax - a reexamination on its ninth anniversary

Article Abstract:

The generation-skipping transfer tax is imposed on certain transfers by taxpayers to individuals and trusts more than one generation younger than the transferor. The taxable amount is subject to a $1,000,000 lifetime exclusion, and certain transfers are exempt, often to the extent that they are exempt from estate taxes. Planning should focus on avoiding generation-skipping transfers or only engaging in such transactions to the extent of the $1,000,000 exemption. Proposed regulations are attempting to impose the tax on non-resident alien transferors.

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Generation-skipping transfer tax regulations

Article Abstract:

The final generation-skipping transfer tax (GST) regulations issued by the IRS in Dec 1995 offer additional guidance on the application of GST laws to transfers to individuals more than one generation younger than the transferor. Controversial revisions present in the proposed regulations were deleted or modified in the final regulations. GST will only apply to nonresident aliens to the extent that the transfer involves property located in the US, and two exceptions have been added to the application of the estate tax inclusion period.

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Planning opportunities under the Taxpayer Relief Act of 1997

Article Abstract:

The Taxpayer Relief Act of 1997 has created many estate planning and drafting problems. The unified credit increase is accomplished by a phase-in which results in serious problems for irrevocable wills drafted stating a dollar amount rather than a unified credit formula. The IRC section 2033A family-owned business exclusion is not usable by most and has drawbacks for those who qualify. The Act also will require review of charitable remainder trusts and trusts for minors drafted when the throwback rule was effective.

Tax planning

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