On June 4, 2010, Paul Caron shared with readers of TaxProf Blog a link to a summary of the GST tax by Mark E. Powell: Powell: A Quick Guide to the Generation-Skipping Transfer Tax.
Mark E. Powell (partner, Albrecht & Barney; adjunct professor, Chapman University School of Law) posted The Generation-Skipping Transfer Tax: A Quick Guide -- his October 2009 Journal of Accountancy article -- on SSRN. Here is the abstract for the article:
Sooner or later, every estate planner comes face-to-face with the generation-skipping transfer tax. Many practitioners do not feel up to the challenge because this particular tax as a reputation as being treacherous as the sea. This article helps identify situations that subject clients to the GSTT.
The article provides helpful diagrams of “AB Trusts” and “ABC Trusts.”