Tag: tax
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Understanding the Tax Implications of Gifting Assets
By JASON GRAY Pinnacle Law PLLC When it comes to passing wealth to future generations, there are two primary options: gifting assets during your lifetime or allowing your heirs to inherit them after your death. Each approach has distinct advantages and disadvantages, particularly when it comes to taxes. Lifetime Gifting: The Advantages and Tax…
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Understanding GST Exemption and Its Role in Trusts
By JASON GRAY Pinnacle Law PLLC The Generation-Skipping Transfer (GST) tax is a federal tax in the United States that targets transfers of wealth across generations, typically between grandparents and grandchildren or other “skip” beneficiaries who are two or more generations younger than the donor. The tax is designed to prevent the wealthy from…