Tag: generation-skipping transfer tax

For married people with large estates, the Tax Cuts and Jobs Act (TCJA) brings welcome relief from federal estate and gift taxes, as well as the generation-skipping transfer (GST) tax. Here’s what you need to know and how to take advantage of the favorable changes. Estate Planning Tips: Estate and Gift Tax Basics The TCJA sets the unified federal estate and gift tax exemption at $12.92 million per person for 2023 (up from $12.06 million for 2022). For married couples,… Read more ›

The Build Back Better Act, as initially proposed, made significant changes that affected estate planning for high net-worth individuals. The Act proposed a significant reduction in the basic exclusion amount from $11.7 million to approximately $6 million. It also proposed to eliminate the grantor trust rules that estate planners have been using to reduce taxable estates for decades. If this Act had passed in its original form, it would have significantly reduced opportunities to reduce transfer taxes. However, the Build… Read more ›