Tag: Generation Skipping Transfer Tax

You may have heard about various taxes that could affect how much of your wealth actually reaches your intended beneficiaries. One of the most complex and potentially costly types of taxes in estate planning is the Generation-Skipping Transfer Tax (GSTT), which can significantly impact families who want to transfer substantial assets directly to grandchildren or other younger generations.  The GSTT is a federal tax designed to prevent people from attempting to avoid estate taxes by “skipping” a generation when transferring wealth, and understanding how it applies in Illinois is crucial […]