The Generation Skipping Transfer Tax was instituted in 1986. Events and Transfers subject to this tax occur in various situations. And when they occur (even if there is no tax due) GSTT tax returns are required. Worse, if there is tax, the trustee may have personal liability for unpaid tax.
It is now 2017 - the tax has been in effect for 31 years (well, with one year off in 2010!). So-called "taxable events," which require reporting, are starting to occur, and frequency will increase.
If you are a trustee or a trust beneficiary, this tax, and its filing obligations, should be on your radar.
This blog is not intended to constitute, and does not constitute, legal advise to anyone or any specific situation. See also our legal notices.