DIY mistakes in estate planning can be very costly. Even if you don't have a professional create documents, a meeting with a local competent professional to review your estate plan is worth it. The exemption for generation skipping started at $5 million and is indexed for inflation. Your state may have different laws and limits than the feds. The unused portion of a spouse's exemption can be assumed by the surviving spouse. I don't know if this raises the exemption for generation skipping exemption. This does require proper handling at the time, and I haven't done it. 529 plans have their own rules and limits regarding generation skipping changes to beneficiary. http://wills.about.com/od/termsbeginningwithe/g/generation-s...
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