Tax Exclusive vs. Tax Inclusive
Is the GST tax itself included in the taxable amount? Who pays the tax? If it is tax inclusive, the GST tax (which is eventually paid) is itself included in the taxable amount. If it is tax exclusive, the taxable amount for a direct skip includes only the net amount received by the beneficiary, not the GST tax itself. The GST tax base does not include the amount of any federal estate or federal gift tax payable with respect to such transfer. This video discusses the gift tax vs. the estate tax model, different methods of comparative costs, and the ratchet down rule.
Jennifer A. Pratt
- Partner in the Baltimore, MD office of Venable LLP
- Assists clients with estate planning, charitable giving, and business continuity planning while minimizing estate, gift and generation-skipping transfer tax exposure
- Experienced in the administration of decedent’s estates and the preparation of wills, trusts, both revocable and irrevocable, durable powers of attorney, advance directives and the incorporation and application for exemption for private foundations
- Assists clients and business owners with business succession planning and documents related to business tax planning
- Also experienced in drafting pre-marital agreements and post-marital agreements
- Can be contacted at 410-528-2883 or [email protected]
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