David Wingate in Frederick MD Frederick, MD  David Wingate in Frederick MD 301-663-9230 David Wingate in Rockville MD Rockville, MD  David Wingate in Rockville MD 240-453-0070 David Wingate in Hagerstown MD Hagerstown, MD  David Wingate in Hagerstown MD 301-360-5949
Elder Law Office of David Wingate, LLC

Posts Tagged ‘generation skipping tax’

Familiarize Yourself with 2011 Estate Tax Laws.

The New Year is well underway, and we’re two months into a new estate tax law as well. Now is a good time to review your estate plan, and Forbes.com provides some “motivation” for proper legal planning by recounting tips we could all learn from last year’s highly-publicized celebrity estates. Familiarize Yourself with 2011 Estate Tax Laws. George Steinbrenner, as you may recall, timed his death well by passing away in 2010 when there was no estate tax. Of course, while his estate was highly publicized, other wealthy people died last year, too – and now their heirs can elect…

Read More »

The new tax bill contains a little-known loophole that, if you act quickly, could save a big tax bite for those who want to make substantial gifts to grandchildren.

The new tax bill contains a little-known loophole that, if you act quickly, could save a big tax bite for those who want to make substantial gifts to grandchildren. The Generation Skipping Tax (GST), in place since 1986, is a second layer of tax applied to gifts that “skip” a generation – for example, gifts made to grandchildren if the parents are still alive. The loophole in the new tax bill not only confirms a 0% GST for all of 2010 (making the law more clear) but widens that loop hole substantially, albeit temporarily, through the end of this year,…

Read More »

MENU
Close
loading...