Senate Bills Propose Changes to Estate Tax
- Thread starter ajacobson
- Start date
How so? Your BTC will be included in your estate and subject to estate tax.
"These proposals, if enacted, would become effective for individuals dying after Dec. 31, 2021. This includes any transfers that apply to descendants who are two or more generations below the transferor, known as generation-skipping transfers (GSTs)."
In many cases, GST in essence would be retroactive.
“If a trust transfers property by gift or decantation to another trust in any calendar year after December 31, 2020, the transferor trust and the transferee trust shall be treated as a single applicable taxpayer for such calendar year.”
And don't forget to factor the Pochahontas tax. Note the difference of effective dates.
There is no escape! bwahaha!!
In many cases, GST in essence would be retroactive.
“If a trust transfers property by gift or decantation to another trust in any calendar year after December 31, 2020, the transferor trust and the transferee trust shall be treated as a single applicable taxpayer for such calendar year.”
And don't forget to factor the Pochahontas tax. Note the difference of effective dates.
There is no escape! bwahaha!!
This is only gonna hurt the Generation X'ers cuz they are the generation that's gonna get the inheritance. Gen X'ers have been screwed all their lives. Never getting promoted and always paying the dues cuz the boomers are still there. And then finally when the dues are paid and it's time for them to get promoted, only to see the Gen Y's to come up and take over cuz they are more "innovative" and have skills in "high tech.". So finally Gen X's got a break and get some inheritance and here comes this estate tax bill to take more of their $$ away. Brilliant!!
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