Generation skipping transfer tax, also known as a GST, is a separate tax on property that passes to a "skip person".
A skip person is two or more levels below the generation of the person who is making the transfer. The GST tax exemption is currently $11.58 million for a U.S. citizen.
| 2017 | 2018 | 2019 | 2020 | |
|---|---|---|---|---|
| GST Tax Exemption | $5,490,000 | $11,180,000 | $11,400,000 | $11,180,000 |
| GST Rate | 40% | 40% | 40% | 40% |
Do You Need The Guidance Of An Experienced Estate Planning Attorney?
If you find yourself thinking more and more about how to preserve your assets for your family you should speak with an experienced estate planning attorney as soon as possible. Contact us online or call our Dallas office directly at 214.559.7202.
