Breaking It Down: Generation-Skipping Transfer Tax

By WealthCounsel Staff on Jul 2, 2021 10:00:00 AM


Among confusing legal concepts, the generation-skipping transfer (GST) tax is at the top of the list. Because of its complexity, many attorneys lump it in with concepts such as the rule against perpetuities—topics taught in law school that they never quite fully understood and wish to forget. However, for estate-planning attorneys, understanding the GST tax is vital to helping their clients effectively plan to avoid it if possible. As with any concept that causes confusion, breaking it down is the key to better understanding.

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Estate Planning Strategies if the Gift Tax Exemption Amount Is Reduced Retroactively

By WealthCounsel Staff on Jun 18, 2021 10:01:56 AM


With the Democrats in control of both the executive and legislative branches of the federal government, there has been a plethora of new proposals that could have sweeping effects within the estate planning industry. Some of the most notable proposals include increasing the capital gains tax rate to 39.6 percent, ending stepped-up basis, and making sweeping modifications to the estate, gift, and generation-skipping transfer (GST) tax exemptions. 

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Creating a Legacy for Your Client's Pet

By WealthCounsel Staff on Jun 4, 2021 10:00:00 AM



Planning for four-legged loved ones (kids in fur coats) can be just as challenging as planning for two-legged loved ones (minor children). Clients typically ask, “Do I need a trust or a will?” The answer, of course, is, “It depends.” 

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