Most estate planners have probably heard a client exclaim something like: “I do not want my rotten, ungrateful kids to receive a dime!” In the conversation that follows, the client typically instructs the advisor to draft documents leaving most of the client’s assets to his grandchildren. For most Americans, this instruction poses no problem. For the ultra-high net worth family, however, a significant barrier stands in the way of the client’s wishes—the generation-skipping transfer (GST) tax.
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