April 2024 Newsletter
Legal Lines News
Estate Planning and Elder Law
April 2024
Generation-Skipping Transfer Tax 101
If are part of an ultra-high-net-worth family, it is important to understand the generation-skipping transfer tax and how it may affect your estate plan
Let’s Do the Math: How Does the Generation-Skipping Transfer Tax Work?
You may have considered creating a trust to transfer wealth to your grandchildren and great-grandchildren. But you may not have considered how the generation-skipping transfer tax could affect this inheritance. To better explain how the tax would impact a gift in trust, we are going to take a look at some math.
What you Need to Know about the Generation-Skipping Transfer Tax Returns
Several different return involve the generation-skipping transfer tax. Read more to learn which form needs to be filed with the Internal Revenue Service in each circumstance.
Your copy should address 2 key questions: Who am I writing for (audience)? Why should they care (benefit)? What do I want them to do (call-to-action)?
Create a great offer by adding words like “free”, “personalized,” “complimentary,” or “customized.” A sense of urgency often helps readers take action, so consider inserting phrases like “for a limited time only” or “only 7 remaining!”
A Personal Note From Susana
The importance of a written plan.
Many clients come to us with complex situations, requesting “documents.” Quite often these situations require more–much more–than drafting “simple” documents for them. The documents they request or already have could be useless for their situation, out of date, or even ineffective without being part of planning that is carefully thought through. Sometimes the situation is simple enough or we’ve seen the client before so an update or a check for current relevance in their plan does not require a written strategy. Just some small tweaks to a strategy that is already in place. But many times, a written strategy is helpful. I share below a scenario from my book: Blooper Episodes in Estate Planning and Elder Law to illustrate the point.
