Form For Generation Skipping Trust
Description
How to fill out Irrevocable Generation Skipping Or Dynasty Trust Agreement For Benefit Of Trustor's Children And Grandchildren?
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FAQ
Answer. The IRS does not currently support electronic filing for the 706 - Estate Tax return or 709 - Gift Tax return.
Purpose of Form Form 706-GS(T) is used by a trustee to figure and report the tax due from certain trust terminations that are subject to the generation-skipping transfer (GST) tax.
Skipping a Generation For example, if you skip the living parent (your child) and leave an inheritance directly to your grandchild. It can happen unintentionally, as when an inheritance is in a trust for your child, and your child dies after you, but before receiving the full amount in the trust.
The executor of a decedent's estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code.
Form 709 reports taxable gifts and generation-skipping tax lifetime exemption allocations. Certain types of financial gifts may qualify as exclusions for the gift tax. Generation-skipping tax ensures that the proper amount of estate tax is paid when a generation-skipping trust transfers assets among family members.