Grandfather sets up revocable trust and dies in 1997. Father named income beneficiary with six grandchildren as remaindermen. Father dies early 2009 and trust terminates. Trustee informs remainders that generation-skipping transfer tax was not paid at time of grandfathers death. Question: What is the tax liability?Total value of trust around 1.4 mil.
Asked on 10/31/09, 10:54 am
1 Answer from Attorneys
It is nearly impossible to answer this question based on any facts you can describe through this forum. I strongly recommend you consult with a probate and/or tax attorney to help you calculate the tax liability. Each asset will need to be categorized to determine whether exemptions apply, etc.
Answered on 11/06/09, 4:36 pm
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