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THIS ARTICLE NEEDS TO BE UPDATED TO 2019 FIGURES |
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In 2010, like the Federal Estate Tax, the generation-skipping transfer tax was repealed. In some ways, it could be viewed that the exemption is essentially unlimited in 2010 for transfers that would otherwise be subject to the tax. However, the law that created the increases and ultimate repeal of the GST Tax Exemption expired on December 31, 2010.<ref>The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. L. No. 111-312 § 101 (codified as amended in scattered sections of 26 U.S.C.) (extending the sunset provision in Pub. L. No. 107-16 from Dec. 31, 2010 to Dec. 31, 2012).</ref> In 2016, the exemption is 5.45 million dollars.
For generation-skipping trusts created in the years of 2011 and 2012 and for outright gifts to skip-persons, taxpayers are entitled to a $5 million GST tax exemption. [THESE AMOUNTS ARE OUT-OF-DATE]
== Advantages of using exemptions from the tax ==
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