01 February
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Updated 2019 – Generation Skipping Transfer: Trusts and Taxes
Become an expert on how generation skipping transfer (GST) taxes & trusts (sometimes called Dynasty Trusts) are to be handled. ...
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Become an expert on how generation skipping transfer (GST) taxes & trusts (sometimes called Dynasty Trusts) are to be handled. ...
Continue readingTechnically speaking, we actually went "over the fiscal cliff," as many significant tax increases and spending cuts automatically took effect at the stroke of midnight on December 31, 2012. Later that day, however, on January 1, 2013, retroactive legislation (going back at least several hours) passed the Senate, and then later the House. Our new law, the American Taxpayer Relief Act of 2012 (ATRA), permanently extends important tax provisions and temporarily extends others. Following is a very brief overview of ATRA: Transfer (Estate, Gift & GST) Taxes: Now for the big surprise—ATRA makes permanent the $5 million exemption amounts for the estate,...
Continue reading1797. The first version of the estate tax was levied in the United States in 1797 for the specific and limited purpose of funding the formation of the U.S. Navy. 1862. The Revenue Act of 1862 enacted an inheritance tax and introduced a gift tax for the first time in order to specifically fund the Civil War effort. 1898. The War Revenue Act of 1898 implemented a graduated inheritance of between 0.74% and 15% of the amount inherited for the specific purpose of funding the Spanish-American War. 1916. The Revenue Act of 1916 implemented an estate tax equal to 1% on amounts between...
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