Strategies for Avoiding Double Taxation and Preserving Wealth
When it comes to estate planning for high-net-worth individuals in New York, minimizing estate taxes is a top priority. Though, overlooking the Generation-Skipping Transfer Tax (GSTT) can lead to double taxation on assets transferred to grandchildren or more remote descendants. This tax is specifically designed to target wealth as it skips a generation, making careful planning essential to protect your assets and ensure they are preserved for future generations.At Morgan Legal Group in New York City, our team offers expert guidance on GSTT planning, assisting clients in developing sophisticated strategies tailored to their needs.
Exploring the Generation-Skipping Transfer Tax (GSTT)
The Generation-skipping Transfer Tax (GSTT) is a federal tax that applies when property is transferred to skip persons, typically grandchildren or more remote descendants. The purpose of this tax is to prevent individuals
