When we are trying to calculate if its better to transfer our assets now vs in the future, who pays estate tax and gift tax?
Like will the problem specifies this or are both taxes usually paid by the recipients?
also, the generation skipping tax- who pays it as well?
Estate tax is paid by the estate.
Gift tax might be paid by the donor, and it might be paid by the recipient. They’ll have to specify in the question who pays it.
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what about the inheritance tax? who pays it? is it usually the recipient?
The recipient I think, but I’d have to check on that.