The generation skipping transfer tax is assessed on property as it is passed on to a generation that is two or more levels below the generation actually transferring the property. Put another way, when you transfer your property to a grandchild, as opposed to your son or daughter, the transfer is subject to the generation skipping tax. The same is true if you transfer your estate to someone who is unrelated to you, and who is younger than you by at least 37 ½ years.
Topics covered in this report include:
- How is legacy wealth planning different from traditional estate planning?
- What is the generation skipping tax?
- Generation skipping taxes seem unfair
- Are there any exemptions that may apply?
- How to prepare for the generation skipping tax?
- Gifts to your grandchildren
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Wilcox Attorneys, PA is a Fayetteville-based law firm dedicated to helping families and businesses across Northwest Arkansas, including Springdale, Rogers, and Bentonville, plan for the future with confidence. Founded by attorney Audra Bailey Wilcox, our mission at Wilcox Attorneys is simple: put your needs first.
We take time to understand your goals and explain your options in plain English. Whether you need a comprehensive estate plan or guidance for your business, we make the process clear and stress-free. You tell us what you want; we create a plan that protects your wishes and your assets.
We take time to understand your goals and explain your options in plain English. Whether you need a comprehensive estate plan or guidance for your business, we make the process clear and stress-free. You tell us what you want; we create a plan that protects your wishes and your assets.
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