- generation skipping
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adj., adv.referring to gifts made through trusts by a grandparent to a grandchild, skipping one's child (the grandchild's parent). Originally intended to avoid or defer federal gift or estate taxes if paid through a "generation skipping trust," it is now subject to a generation skipping tax, and if made directly without a trust, the gift is as taxable as any large gift. In other words, although generation skipping no longer works to avoid taxes, a grandparent can still give or leave gifts under $10,000 a year to a grandchild without a gift tax.
Law dictionary. EdwART. 2013.
generation skipping
Look at other dictionaries:
generation-skipping trust — n. A trust created to facilitate a generation skipping transfer. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. generation skipping trust A … Law dictionary
generation-skipping transfer — n. A transfer of wealth that passes over one generation to go down to a younger one, e.g., a transfer from grandparents straight to grandchildren. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney… … Law dictionary
generation–skipping transfer — n: a transfer of property or of an interest in property that is to a person of a generation more than one generation below that of the transferor and that can be characterized as a taxable termination, a taxable distribution, or a direct skip see … Law dictionary
generation–skipping transfer tax — n: a transfer tax on a generation skipping transfer – called also generation skipping tax; Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
generation-skipping transfer tax — A federal tax imposed on large amounts of money given or left to a grandchild or great grandchild. Its purpose is to keep families from avoiding the estate tax that would be due if the oldest generation left property to their children, who then… … Law dictionary
generation–skipping tax — gen·er·a·tion–skip·ping tax n: generation skipping transfer tax Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
generation–skipping trust — see trust Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
Generation-skipping transfer tax — The U.S. Generation skipping transfer tax imposes a tax on both outright gifts and transfers in trust to or for the benefit of persons two or more generations younger than the donor, such as grandchildren. The generation skipping tax will be… … Wikipedia
generation-skipping transfer tax — The 1986 Tax Reform Act imposes a generation skipping transfer tax on (1) transfers under trusts (or similar arrangements) having beneficiaries in more than one generation below that of the transferor, and (2) direct transfers to beneficiaries… … Black's law dictionary
generation-skipping transfer tax — The 1986 Tax Reform Act imposes a generation skipping transfer tax on (1) transfers under trusts (or similar arrangements) having beneficiaries in more than one generation below that of the transferor, and (2) direct transfers to beneficiaries… … Black's law dictionary
