Cushing & Dolan, P.C. | Attorneys At Law

Handling Sophisticated Estate Planning Needs for You and Your Family. Call: 888-759-5109

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Protecting Your Legacy: Generation-Skipping Transfer Tax Planning In Massachusetts

Transferring wealth to grandchildren or future generations can trigger one of the highest tax rates in the federal tax code. Without a clear plan, a large portion of your estate may go to the IRS instead of your family.

At Cushing & Dolan, P.C., our wealth transfer tax attorney team helps high net worth families across Massachusetts and Rhode Island build generation-skipping transfer tax planning strategies that protect family wealth for generations to come.

What Is The GST Tax And Who Does It Affect?

The federal generation-skipping transfer tax applies when you transfer wealth to someone two or more generations below you, like a grandchild. The current GST tax rate is 40%. A direct skip is a transfer made straight to a skip person. An indirect skip uses a trust or similar arrangement to reach a skip person over time.

GSTT exemptions in Massachusetts can shelter a meaningful amount from this tax. Most transfers require reporting through IRS Form 709. Legacy trust tax minimization strategies can reduce or eliminate this exposure when structured correctly.

Strategies We Use To Minimize GST Tax Exposure

At Cushing & Dolan, P.C., our attorneys hold advanced credentials including CPA and LL.M. degrees in taxation. That background allows us to approach skip person tax planning with a level of precision that most firms cannot match. Our strategies include:

  • Dynasty trusts: A dynasty trust tax strategy lets families hold assets across multiple generations while limiting estate and GST taxes at each level.
  • GST exemption allocation: We help clients use their lifetime GSTT exemption in a way that maximizes tax-free transfers.
  • Gifting strategies: We structure gifts to skip persons to limit unnecessary tax exposure.
  • High-value asset transfers: We address common tax traps tied to real estate, business interests and investment portfolios.
  • Financial adviser coordination: We work alongside your advisors to build a tax-efficient inheritance plan that keeps your legal and financial goals aligned.

A strong plan can protect your family’s wealth from unnecessary tax loss for generations.

Ready To Protect What You Have Built For Future Generations?

At Cushing & Dolan, P.C., we offer a free consultation for Massachusetts and Rhode Island families. Call 888-759-5109 or reach out online to speak with us.