This chart gives you an excellent summary of the Generation Skipping Transfer (GST) Tax. It goes over the following items:
Discusses the basics of the GST Tax (tax rate, exemption amount, portability and filing dates),
Describes the three types of taxable transfers that trigger the GST Tax,
Reviews the automatic allocation rules, and
Gives an overview of a Dynasty Trust.
The proper usage of a Dynasty trust can keep an estate from being eroded over future generations by not being