Generation skipping transfer tax trusts can help you avoid having the legacy you leave to your grandchildren from being subject to both estate and generation skipping transfer taxes
There are various ways to create a generation-skipping transfer tax trusts. One method creates by allocating your generation-skipping transfer tax and estate tax exemption to a trust where assets are to be distributed to your children, grandchildren or later generations. With this method you can oftentimes avoid having the assets being distributed from being subject to generation-skipping transfer taxes or estate taxes.
Some of the other ways to establish generation-skipping transfer tax trusts which are exempt from generation-skipping transfer taxes include health and education trusts which can also be utilized to satisfy some of your charitable objectives. However these are complex estate planning techniques that require the assistance of an estate planning attorney who is experienced with Generation-skipping transfer tax trusts and knows how to properly draft the documents you need to accomplish your estate planning goal of minimization of transfer taxes to your grandchildren and more remote heirs.
If you are looking for a qualified estate planning attorney who can draft the documents you need and are interested in finding out what your options are when it comes to leaving assets to grandchildren or more remote beneficiaries, please contact us today to schedule your complementary consultation today.