Basics of Generation-Skipping Transfer Tax, Part I: Purpose, Effects, and Definitions

This is Part I of a new series on the basics of the generation-skipping transfer (GST) tax.

This multi-part series is designed to teach the GST tax to attorneys, wealth advisors, CPAs, trust officers, wealth strategists, and other aligned professionals who assist with intergenerational transfers of wealth.

In this Part I, I discuss and illustrate the purpose of the GST tax, and its overall effects and differences from the estate and gift taxes. I then introduce some of the defined terms that will be applicable for the GST tax, each of which will get its own dedicated video coming up.

Overall, there is a dearth of resources for practitioners in this area, and I hope this series creates a comprehensive resource upon which you can rely if you need to learn about the GST tax.