Passing More Wealth To Grandchildren

Want to pass more wealth to grandchildren?  An idea to consider while exemption amounts are high for estate tax and Generation Skipping Transfer (GST) tax is to protect old trusts from the application of the GST tax that can take a big portion of a trust’s assets before they pass to a skip person, like a grandchild.  A common example of such a trust is an Irrevocable Life Insurance Trust (ILIT) that was set up when exemption amounts were lower.  Since the exemption amounts were not as generous, the advisors may not have recommended using “precious” exemption amounts to protect […]