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