What is the generation skipping tax (GST)?

The purpose of the GST is to tax gifts and inheritances that are given to skipped generations in the same way that gifts and inheritances are taxed that are given to the immediate heirs. Any gift given to a skip person must have not only the standard gift or inheritance tax (depending on when the gift was given), but also an additional tax that is set to the highest inheritance bracket at the time of the gift. This causes most givers to pay equivalent to the gift or often more than the gift itself in taxes.

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What is tax law?

Tax law is found in many places – tax law is generated by the federal government, state government as well as counties, cities, and other municipalities. The variety of taxes that everyone faces is staggering – tax law affects almost every aspect of your life.

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