72nd Annual Montana Tax Institute

Although the generation skipping transfer (GST) tax has been in the Internal Revenue Code for almost 40 years, it is still the least understood of the transfer taxes (i.e., the estate, gift and GST taxes). This presentation will demystify some of the complexities of the GST tax by explaining the technical terminology (in plain English). It covers the purpose of the GST tax rules, from the basic to some of the more esoteric ones, such as the “automatic allocation” and “ETIP” rules. Additionally, the presentation will offer some practical planning suggestions on how to effectively plan with the GST tax in mind.