Presently, there are three major systems of wealth transfer tax planning applicable to transfers of property in the United States. These are the gift tax, the estate tax, and the generation-skipping transfer tax. The issues and concepts involved in appropriate planning to minimize the imposition of any of these taxes must be taken into consideration along with the basic state-law trust planning issues, in order to maximize the amount of wealth that passes to a client’s designated beneficiaries. Of course, careful consideration must be given to maintain built-in flexibility to respond to the possibility of future change, whether in the tax laws, the economy or the family situation itself.
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