Estate Planning
Everything You Always Wanted To Know About The Generation-Skipping Tax — 1.5 Illinois General Credits

This 1.6-hour September 24, 2007 presentation provides you with a clear, understandable explanation of the Federal Generation-Skipping (GST) Transfer Tax. Jon J. Gallo, Esq., a partner in the Los Angeles law firm of Greenberg Glusker Fields Claman & Machtinger LLP, discusses important provisions of the 2001 Tax Act, significant Final Regulations and other recent developments, which make this subject more important than ever.

Topics include:

Typical Irrevocable Trust

Typical Generation-Skipping Trust

Special Considerations

The Three Questions

• transferor

• transferee

• type of transfers

Skip Persons

Predeceased Ancestor Exception

Calculating And Paying The Tax

• exemption

• inclusion ratio

• raising the exemption

• how to allocate

GST Problems With Crummey Clauses

• lapses and releases

• avoid releases in irrevocable life insurance trusts

• how to solve