Permalink Submitted by Alan Spross on Mon, 2010-02-01 19:56
Yes, the GST must be considered in this situation, although the exemption is unlimited in 2010 – unless Congress acts retroactively to restore the estate and GST tax.
Permalink Submitted by Alan Spross on Tue, 2010-02-02 04:03
No. The IRA continues to be included in the gross estate of the decedent IRA owner. Naming a grandchild as beneficiary will keep the assets out of the children’s estates, although the GST might come into play.
Permalink Submitted by Alan Spross on Tue, 2010-02-02 04:39
See attached. Article was written a couple years ago. The estate tax and the GST are currently suspended and do not apply, but they are sure to be reinstated at some level by Congress, certainly no later than 1/1/2011 unless it is done retroactively to 1/1/2010.
Permalink Submitted by Alan Spross on Mon, 2010-02-01 19:56
Yes, the GST must be considered in this situation, although the exemption is unlimited in 2010 – unless Congress acts retroactively to restore the estate and GST tax.
Permalink Submitted by Raj mody on Tue, 2010-02-02 03:44
Question- By naming Grandchild or child- does the IRA $$$$ in account escapes part of Estate and also estate tax?
Permalink Submitted by Alan Spross on Tue, 2010-02-02 04:03
No. The IRA continues to be included in the gross estate of the decedent IRA owner. Naming a grandchild as beneficiary will keep the assets out of the children’s estates, although the GST might come into play.
Permalink Submitted by Raj mody on Tue, 2010-02-02 04:19
what is GST
Permalink Submitted by Alan Spross on Tue, 2010-02-02 04:39
See attached. Article was written a couple years ago. The estate tax and the GST are currently suspended and do not apply, but they are sure to be reinstated at some level by Congress, certainly no later than 1/1/2011 unless it is done retroactively to 1/1/2010.
http://www.life123.com/career-money/wealth-management/estate-taxes/gener…