On March 29, 2021, Senator Sanders (Independent, VT) proposed a bill that, if enacted, would diminish substantially the effectiveness of the allocation of generation skipping transfer (GST) tax exemption to a trust that does not terminate within 50 years of its creation. Savings language in the trust might avoid that result by causing it to terminate prior to the 50th anniversary (or any such other date as may apply), if necessary in order to preserve the effective use of the allocated GST exemption. This article includes explanation and savings language crafted by InterActive Legal related to Senator Sanders’ proposal.
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