Drew Edmundson <drewsbeagles[at]hotmail.com> wrote:
- quote -

Thanks very much Drew.

Regards,
Vic Dura

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Vic Dura <vpdura[at]CLUTTERhiwaay.net> wrote:

- quote -

Yes, they can now use up the additional/new GST exemption.

---
Drew Edmundson, CPA
Cary, NC

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"Stuart A. Bronstein" <spamtrap[at]lexregia.com> wrote:
- quote -

Thanks for your comments.

I'm not a tax practitioner, so I'm probably wrong about
this, but I thought it included gifts over $10k/$11k. What
I'm thinking about is Form 709.

If a person used up to an older (lower) exemption limit, and
the limit is subsequently increased, can that person then
use the difference between the older and current (higher)
limit?

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Vic Dura <vpdura[at]CLUTTERhiwaay.net> wrote:

- quote -

I haven't specifically researched this issue. But it seems
to me that the GST isn't imposed until after someone dies.
So if he's still alive, I don't see why he shouldn't get the
benefit of the full exemption on the date of his death.

Look at it from another standpoint. When the GST was first
implimented there was, I believe, an exemption of
$5,000,000, but it was available only for a brief time. It
was said that the high exemption was put in at the request
of the Gallo (wine) family.

When the exemption went down from that amount to whatever it
was just after (I think it was $1,000,000) those who used up
the larger exemption were not required to recognize the
other $4,000,000.

Stu

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I have a question about the Generation Skipping Transfer
Lifetime Exemption. As I understand it, the current
Exemption is $1.5M but at various times in the past it was
various lower amounts. If in the past if a person used up a
lower limit than the current $1.5M, can they now use up to
the current limit or are they out of luck?

Thanks for any comments.

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