Read the article about Generation-Skipping Transfer Taxes. With the limitations that are cuently in...

Question

Read the article about Generation-Skipping Transfer Taxes. With the limitations that are cu
ently in place, how relevant are estate taxes for most people? Is planning in this area still required for estates, gifts, and trusts? Explain why or why not.
In response to your peers, compare your ideas to your peers' ideas and discuss any differences.

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Relevance of Estate Planning for Generation-Skipping Transfer Taxes
Student Name
22nd Sep 2022
While federal estate taxes only impact a small fraction of estates due to high exemptions, estate planning remains relevant for most individuals. Reasons to engage in estate planning include avoiding probate, designating beneficiaries, providing for minor children, distributing assets equitably, and protecting assets (Nolo, 2022). Even basic wills, trusts, and beneficiary designations can fulfill these goals without complex tax minimization strategies. 
That said, exemptions are scheduled to fall back to around $6 million per person in 2026,

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