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EST2206 - The Exemption from the Generation-Skipping Transfer Tax: The Basics and Beyond

‐ Jun 6, 2022 3:15pm

The current generation-skipping transfer tax has been a part of our transfer tax system for over 30 years and yet it is still a topic that confounds many advisers. Each taxpayer may allocate GST exemption to gifts made during life or at death. The GST exemption also may be automatically allocated if the taxpayer does not elect out of the automatic allocation rules, which are complex. We will explain the rules for automatic and manual allocation on gift and estate tax returns, common return preparation problems and mistakes, and possible options to address prior mistakes. Learn about some GST exemption basics and practical tips, as well as about some common errors and misconceptions that advisers should know about regarding allocation of GST exemption.

Learning Objectives:

  • Recognize how to allocate GST exemption and elect out of automatic allocation
  • Evaluate how to fix past mistakes regarding GST exemption allocations


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