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Generation‐Skipping Transfer Tax
A generation-Skipping transfer of property that skips two or more generations or to transfers to non‐family members more than 37 1/2 years younger than the person making the transfer. The GST tax is relevant to transfers during life and transfers on the death of the
decedent
.
For example, if a grandparent leaves money directly to a grandchild rather than to his own child the transfer may incur GST tax.
Each person has a lifetime exemption amount that excludes transfers under a specific amount, for transfers in over the exclusion amount a tax rate applies. In 2011 the GST tax rate was 35%.
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