Florida | Tax Law
10/31/09, 10:54 am
Legal Question
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.
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11/06/09, 4:36 pm
Legal Answer
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.
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