The Generation-Skipping Transfer Tax 2023

  • OnDemand seminar
  • Estate Planning and Probate Law
The Generation-Skipping Transfer Tax 2023

This program is an excerpt from Step-by-Step Estate Planning II 2023.

Wealth insurance

For clients with substantial wealth, strategic and thoughtful estate planning can ensure their wishes are honored upon death. Clients who want to safeguard assets for beneficiaries other than their immediate children may be interested in generation-skipping transfers (GSTs). By “skipping” over a generation and passing assets directly to grandchildren or more remote relatives, a grantor can minimize or avoid taxation at the intermediate level. Although the GST tax regulatory scheme is complex, it’s essential knowledge for lawyers offering estate planning services.

At Generation-Skipping Transfer Tax Planning, learn how to use GSTs to help families preserve their wealth for future generations. Attorney Philip J. Miller will explain:

  • The history behind and purpose of the GST tax
  • Important terminology and definitions
  • How and when valuation is determined
  • Taxable distributions, terminations, and direct skips
  • How to allocate exemptions

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  • Create more comprehensive estate plans for your clients
  • Review generation-skipping transfer tax core concepts and terms
  • Recognize situations in which the generation-skipping tax may apply
  • Minimize tax burdens for beneficiaries and reduce overall tax liability
  • Estate planning lawyers
  • Family lawyers
  • General practitioners