Political Notes Murphy's law? Dec 22, 2006
In a Monday e-mail, Mr. Thompson wrote that on Sunday he had talked about "generation skipping taxes associated with a hypothetical death of a participant" in the county's land preservation program with a program applicant. Two days later, Commissioner Charles Jenkins sent a similar disclosure. (Frederick News-Post)
Disclaimer possible for inherited property Jul 10, 2005
If Fred had set up a well drafted generation skipping trust, or dynasty trust, the $750,000 he inherited from his father could remain in trust, grow, be available for him if needed for his health, maintenance, support and education, and never be included in his estate at his death, when it would then be administered for the benefit of his two children. A disclaimer must not attempt to direct to whom the funds will pass. (The News-Press)
View this week's business calendar. May 18, 2005
Financial Planning Association of Greater Cincinnati, Estate and generation skipping taxes qualified plan overviews. The Radisson Hotel, Covington, 3 p.m. Members, no fee; Guests, $20. (Cincinnati Business Courier, OH)
Lipman: Indian tribes decide who can be a member Mar 28, 2005
A generation skipping trust is designed to avoid this double tax because it lasts for the lifetime of the beneficiary of the trust and then passes the assets of the trust to the next generation without a second round of taxes. Generation-skipping trusts don't skip your children in the normal meaning of the word "skip.". (Houston Chronicle -- Business)
The $60 million question Dec 30, 2004
For instance, the holder could share the prize with a grandchild and avoid the tax consequences of "generation skipping" by naming the grandchild as a co-owner of the ticket, Pires said. If the holder has not consulted professionals, he or she could be waiting until January with thoughts of claiming the prize on 2005 taxes. (Orlando Sentinel )
Tax to Encourage Savings Holds Promise Nov 14, 2004
Policy and Taxation Group advocates the repeal of the estate, gift and generation skipping tax. www. (Yahoo News -- Business)
Money mattes: Real estate inheritance likely taxed, complicated Oct 10, 2004
In addition to estate taxes, a transfer of assets from a grandparent to a grandchild could be subject to the generation skipping transfer tax (GST). This tax applies when the total value of all assets that are transferred from a grandparent to the grandkids exceeds $1 million. (Sacramento Bee -- Business)
The Generation Skipping Tax Sep 22, 2004
Marco Island Sun Times. Wednesday 22 September, 2004. (Marco Island Sun-Times, FL)
Section 529 gifts for tuition offer advantages Dec 28, 2003
Providing for the education of the younger generation is high on the gift lists of parents, grandparents and assorted other relatives. If anything more than the annual exclusion amount, or bunched-up exclusion amount, is to be given to grandchildren, then the ordinary gift-tax rules and the generation skipping tax on gifts to grandchildren must be considered, in which case, professional tax advice should be sought before making the gift (Seattle Post Intelligencer, WA)
Exercising the ' Ultimate ' Private Property Right Dec 5, 2003
In seventeenth century England, faced by the threat to free markets posed by Dead Hand landownership, the courts correctly held if the current generation could tie up assets with a string of future estates, it would prevent the free-market decisions of future generations, distort the operation of land markets and lead to dynastic control. First, the Rule Against Perpetuities strikes a fair balance between the desires of members of the present generation, and similar desires of succeeding... (SierraTimes.com)
New IRS Fax Guidelines Ease Burden on Practitioners Oct 12, 2003
The guidelines are applicable to all divisions and cover operations related to income tax, employment tax, excise tax, estate tax, gift tax, and generation skipping tax, as well as tax exempt and employee plans determinations. While the IRS has previously accepted forms via fax in limited situations (such as 1120-S elections and Powers-of-Attorney) the new guidelines permit an expanded number of forms and other types of documentation to be submitted by fax in the course of many return related... (SmartPros Accounting)
