Generation Skipping Transfer: Trusts and Taxes

I.  Overview of the Generation-Skipping Transfer Tax

  1. Reason behind the GST Tax.  The federal generation-skipping transfer (“GST”) tax is primarily designed to prevent the tax-free transfer of wealth from a grandparent to his grandchild or great-grandchild. Prior to the advent of the GST tax, families could avoid the death tax that is imposed upon each generation by skipping a generation or two on at least a portion of the wealth. 
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Trust Administration in Nevada

Closing Procedures and Timeline.  Following is an explanation of the recommended administrative and termination procedures.

Affidavit of Successor Trustee (“AST”) – The signing of an AST by the successor trustee formally installs them as the trustee of the Trust and is evidence of the same.  If real property is owned by the Trust, the AST will add the Successor Trustee to the title of the property upon recording in the proper county recorder’s office. > > > Read the full article

How to Terminate a Trust

Trust agreements can terminate for any number of reasons. Following are several explanations of why a trust might end, come to its conclusion, and be terminated…

Natural Trust Termination

Upon the settlor’s death. Upon the death of the settlor (or within a reasonable time after death) a standard liquidating trust may terminate. Upon a designated age or date. > > > Read the full article