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Generation Skipping Planning

The generation-skipping transfer tax (GST tax) structure is designed to prevent successive transfers to multiple generations without the payment of estate and/or gift taxes. Generally, the GST tax is imposed on transfers to person’s at least two or more generations younger than the owner of the property transferred. Transfers during the owner’s lifetime and at death are subject to the GST tax. If properly drafted, neither an estate nor a gift tax would be imposed when the trust corpus passes from the grantor’s children to the grantor’s grandchildren. There are situations where the GST tax may be imposed on the donor. Navigating the GST tax code is best accomplished by a licensed tax professional/financial planner (and an estate attorney to draft the trust) because a solid understanding of your financial situation is needed in minimizing taxes as we assist you in achieving your legacy goals.  

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