IRS Adds Generation-Skipping Transfer Deadline Relief After 16 Years

News May 07, 2024 at 02:14 PM
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What You Need To Know

  • The GST tax can take 40% of asset transfers to grandchildren and some other recipients.
  • The exclusion is $13.61 million for an individual and $27.22 million for a couple.
  • For now, a client who wants an extension will have to pay at least $3,000 to to ask for one.
A grandmother with a grandchild