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May 1, 2011 12:00 PM
Planning for Multi-generational Trusts
The 2010 Tax Act creates many new opportunities, but beware of unexpected traps
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the 2010 Tax Act) creates significantly more multi-generational trust planning opportunities. The 2010 Tax Act increases the gift, estate and generation skipping transfer (GST) tax exemption to $5 million per person through Dec. 31, 2012.
Arguably, the key to taking advantage of the larger exemptions now available under the 2010 Tax Act is to understand that they may be limited or reduced should prior law apply retroactively. The problem is that the sunset provision of the Economic Growth and Tax Relief Reconciliation Act of 2001 (the 2001 Act) would eliminate a number of GST tax planning tools like liberal severance, automatic allocation and late allocation rules.
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| Estate Tax | Donor Advised Funds |
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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