4.1 Background
| Library | A Lawyer's Guide to Estate Planning: Fundamentals for the Legal Practitioner (ABA) (2018 Ed.) |
4.1 Background
The generation-skipping transfer tax creates a minefield for the unwary. This tax was first enacted in 1976, was significantly revamped in 1986, and is now a permanent part of the Internal Revenue Code, in spite of earlier hopes that it might be repealed. Thus, it is necessary for lawyers to be familiar with the tax.
The "evil" the tax seeks to end—if an "evil" at all—is illustrated in the situation of a father creating a trust for his daughter, which terminates on the daughter's death and...
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