Cannon Estate Planning Teleconference: GST Basics and Beyond – Not for the Faint of Heart

The generation-skipping transfer (“GST”) tax is imposed, in addition to estate tax or gift tax, depending on the context, on transfers to an individual who is two or more generations below the transferor (e.g., a grandchild or more remote descendant) and certain trusts. Prior to enactment of the GST tax, after imposition of estate tax or gift tax, an individual could pass property in trust through several generations free of any transfer tax. By approximating the transfer tax that would have been due if the trust property had been taxed at each generation level, the GST tax essentially closes the loophole. In this program, we’ll explore the essential elements of GST tax mechanics as well as planning to avoid GST tax, including:

• Unique GST tax terminology
• GST exemption and exclusions
• Calculation of GST tax
• Rules for allocating GST exemption
• Selected strategies to avoid or minimize GST tax

Light snacks will be served beginning at 12:45 p.m. The teleconference is from 1-2:30 p.m. and is held onsite at The Trust Company of Tennessee.