Skip Tax Could Wipe Out Your Legacy | Raleigh News

Did you know a hidden tax could slash your inheritance to your grandkids by 60%? The generation-skipping transfer tax hits 40% on assets passed directly to grandchildren or beyond, and it can sneak up even on estates under the $15 million exemption—if paperwork’s off. Fidelity breaks down how to avoid it: use IRS Form 709 to allocate your $15 million (or $30 million for couples) exemption properly, or risk losing it. Crucially, this exemption isn’t portable between spouses, and only direct tuition or medical payments are fully exempt. Don’t let this tax erase your legacy. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/72b6390e6b22ea90