Recent rulings grant extensions and some regulations are deleted.
The predeceased ancestor rule moves a skip person up one generation so that the skip person will be treated as being within one generation of the transferor so no GST tax liability. For transfers occurring after December 31, 2000, transferor’s are permitted to make a retroactive allocation of his or her GST exemption if a non-skip person, who had a present or future interest in the trust and who was a lineal descendant of a grandparent of the transferor or the transferor’s spouse, dies before the transferor. New concept of indirect skip, defined in Section 2632(c)(3)(A) as any transfer of property (other than a direct skip) which is subject to the gift tax, and which is made to a GST Trust. Taxpayer Relief Act of 2010 provides for the portability of the estate tax applicable exclusion amount for surviving spouse.
Agenda
Faculty
Jennifer A. Pratt
Venable LLP
- 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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