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 readingYesterday I blogged about the history of the estate tax and other transfer tax laws. While the past is certainly instructive in understanding the future, to prognosticate future law, it’s also helpful to look at those proposals and suggestions which have been offered up to Congress and the White House. In March we shared President Obama’s estate tax ideas as set forth in his budget proposal. Today, we share options for tax reform as recommended to Congress on April 4, 2012 by the Joint ABA Sections of Taxation and Real Property, Trusts & Estates Law. The full document can be...
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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