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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
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Phone: 415-362-8921
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Cell: 415-412-5839
Email: noel@eas-cpa.com
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The generation-skipping transfer tax (GSTT) is another transfer tax akin to the gift and estate tax.
One example would be writing a $30,000 check to a grandson for a down payment on a house. This gift would skip your own child, thus avoiding the possible gift tax that would apply if the gift had passed from you to your child and then from your child to your grandchild. Therefore, it is subject to the GSTT.
The GSTT ensures that grandchildren end up with the same value of assets that they would have had if the inheritance was transferred to them directly from their parents rather than their grandparents.
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