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Form 706 Gst

Form 706 Gst

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Instructions and help about Form 706 Gst

Hey, John Strohmeyer with Strohmeyer Law, where we help our clients leave no unfinished business. Now, today we're going to be answering questions about various taxes. If we don't address this, then what we could do is actually set up a situation where we're leaving more avoidable costs to our loved ones. That's one of the four horsemen of the estate planning apocalypse we really want to address. What is the generation skipping transfer tax? The GST tax generation skipping transfer tax is the third of the wealth transfer taxes that is imposed by the United States. We started off with the estate tax. What Congress was thinking was, we've got a tax. Uh, we're going to tax people who die owning too much stuff. So what we'll do is we'll look at what you own when you die, we will total it up and run it through a calculation. Whatever's left, that's what you owe tax on. So people after a few years said, okay, if

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