Jay D. Waxenberg, Andrew M. Katzenstein and Maggie Mouradian of Proskauer Rose write: Dynasty trusts for the benefit of succeeding generations are standard tools in every estate planner's toolkit. Some practitioners and their clients rely on automatic allocation of generation-skipping transfer tax exemption to these trusts to keep them exempt from GST tax. Without careful planning, however, the automatic allocation may not take place, making the intergenerational tax savings unavailable.
January 21, 2014 at 12:00 AM
1 minute read
Dynasty trusts for the benefit of succeeding generations are standard tools in every estate planner’s toolkit. Some practitioners and their clients rely on automatic allocation of generation-skipping transfer (GST) tax exemption to these trusts to keep them exempt from GST tax.1
Without careful planning, however, the automatic allocation may not take place, making the intergenerational tax savings unavailable.
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