The Internal Revenue Code imposes both gift and estate taxes on transfers of assets above certain limits. For 2020, you can exclude gifts of up to $15,000 per person from the gift tax, with the limit ...

Grandparents and their grandchildren often have special bonds. However, another "family member" -- Uncle Sam -- likes to get heavily involved when grandparents want to transfer their wealth to the ...

Every week, Allworth Financial's Steve Hruby, CFP®, and Bob Sponseller, ChFC®, answer your questions. If you, a friend, or someone in your family has a money issue or problem, feel free to send those ...

The AICPA submitted a letter to the IRS in which it recommended two changes to final regulations regarding the generation-skipping transfer (GST) exemption and certain elections to make it easier and ...

The One Big Beautiful Bill (OBBB), which passed on July 3 and is expected to be signed by President Donald Trump by July 4, increases the amount individuals may transfer for federal estate, gift, and ...

Although the Obama administration released its 2013 revenue proposals on Feb. 13, 2012, there has been no legislative action to make these proposals binding law. Without some action from Congress ...

“Dynasty” describes a living trust that’s designed to provide for beneficiaries over multiple generations. Its goal is to shield assets from generation-skipping and estate taxation as a family’s ...

Making a gift to a loved one may seem simple, but certain gifts, such as gifting cash to a child for a down payment on a new house or contributing to a grandchild’s future education, may trigger ...

The generation-skipping trust (GST) is a great tool in many cases for grandparents to transfer wealth to their grandkids.