Generation-Skipping Transfer Tax (GST) Calculator

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Disclaimer: This calculator provides estimates for informational purposes only and does not constitute legal, tax, or financial advice. GST tax laws are complex and subject to change. Please consult a qualified attorney or tax professional for personalized guidance.

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Frequently Asked Questions

What is the Generation-Skipping Transfer Tax (GST)?
The GST tax is a federal tax imposed on transfers of property to individuals who are two or more generations below the donor, such as grandchildren. It is designed to prevent the avoidance of estate and gift taxes through generation-skipping transfers.
Who is considered a “skip person”?
A skip person is an individual who is at least two generations younger than the donor, such as a grandchild, or an unrelated person who is more than 37.5 years younger than the donor.
What is the GST tax exemption amount?
The GST tax exemption amount is the lifetime amount that can be transferred to skip persons without incurring GST tax. As of 2023, the exemption is $12,920,000, but this amount is subject to change based on tax laws.
How does the GST tax rate work?
The GST tax is imposed at a flat rate equal to the highest estate tax rate, which is currently 40%. It applies to the value of the transfer after considering any exemptions and exclusions.
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