615-254-2291

The team at Dodson Parker Behm & Capparella, PC shares updates and thoughts on developments in the law.

Generation Skipping Tax: Should It Stay or Should It Go?

August 11, 2017 | DPBC Blawg

The Generation Skipping Transfer Tax is  one of the more complicated (some might say draconian) features of the estate-planning world.  Not surprisingly, cries to amend it are perennial.  And now, it looks like there may be some movement.  

An article in Bloomberg BNA’s, July 3, 2017 Tax Management Weekly Report does a good job of addressing the various arguments for and against the GST changes proposed in the recent House plan.    See Bloomberg BNA’s July 3, 2017 Tax Management Weekly Report for Elizabeth Carrott Minnigh’s “The Case for Repeal (or Reform) of the Generation-Skipping Transfer Tax.”  The House plan provides that the GST tax will be repealed along with the estate tax, but fails to provide details on how existing GST exempt and non-GST exempt trusts will be taxed post-repeal. Proponents like Minnigh argue that the repeal would aid in the goal of simplification, eliminating 30 pages from the Code and 52 pages from Treasury regulations.  Further, IRS resources are inadequate to handle the multitude of requests for private letter rulings on GST tax issues, with the IRS having temporarily suspended the issuance of private letter rulings on certain GST tax questions.  And, the added complexity of the GST tax doesn’t bring in a whole lot of revenue for the IRS.  This is an area practitioners should keep an eye on.

Post by:  Jillian Mastroianni
Jillian provides trust, estate, and tax-planning services. To subscribe to legal news updates from Jillian, click here.


▼  More from the Blog  ▼


CONTRIBUTORS



Tweets 

1 day ago
Thanks, @LadonnaKoebel, for profiling DPBC's @mirandachristy as part of your #WesleyanWednesday series!
https://t.co/afqVZ92bC5

Dodson Parker Behm and Capparella PC
1310 Sixth Avenue North
Nashville,TN 37208

Ph. 615-254-2291 | Directions

Terms of Use
Copyright Policy


The information found on this website is not intended as legal advice. You should not act on any information contained within the website without consulting legal counsel regarding your particular situation.

We’re proud to call Nashville’s Historic Germantown Neighborhood our home.
You’ll find us here 7:30am – 5:30 pm weekdays.

Privacy Policy