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San Diego Families: What You Don?t Know About The Generation Skipping Tax Could Cost Your Grandchildren Their Inheritance

By Kristina R Haymes

From the Desk of Kristina R. Haymes, San Diego Trust and Estate Attorney August 16, 2010 Virtually everyone knows about the estate tax (unless they?ve been living under a rock for the last ten or twelve years).  But if you?re planning to leave property directly to your grandchildren or even great grandchildren, there?s another tax you need to plan for now.   A tax that can be just as costly as the estate tax? The Generation Skipping Transfer Tax. The Generation Skipping Transfer Tax (GST) is a tax on property passed directly from a grandparent to a grandchild or great grandchild by way of a will or a trust.  The GST even applies to property passed on to individuals not related to you if they are more than 37.5 years younger.  While currently repealed, like the estate tax, the GST will be resurrected in 2011...continue to full post

Full post as published by Mediation Marketing Tips on August 16, 2010 (boomark / email).