The first step to creating a legacy is to generate income. The second step is to preserve and grow that income. Attorney Rod Hatley understands the full scope of what it means to take a holistic approach to wealth and the steps and vision needed to create and protect abundant wealth.
Also known by its acronym GSTT, this is a federal tax that was introduced in 1976. It is incurred whenever there is a large gift or transfer of property. It only happens if the recipient of the gift or property is 37.5 years younger than the person giving it.
This means it applies typically to grandparents who wish to give their grandchildren large gifts. The GSTT may make these donors vulnerable to significant tax penalties.
There are ways to protect these assets. One option to avoid the GSTT is to use your $1 million GST exemption.
There are many ways to avoid paying the high tax rate that the GSTT incurs. But which path is best for you depends on two things: your financial situation and your goals. Here are some options that you may wish to consider with the guidance of your estate planning attorney:
Rod Hatley can advise and work with you to find the best options for you and your family. The best step to take is to plan now.
Hatley Law Group APC was founded with the intent of helping parents leave a meaningful and lasting legacy for their children and grandchildren. Rod Hatley will work with you to make the most of the opportunity you have to create a lasting impact and tell your story for generations. Book a Call to find out more. You can also reach the firm by sending a contact email. Based in San Diego, Rod meets with clients all over California.