Generation Skipping Law and Legal Definition
The term ‘Generation skipping’ is used to denote the gifts made through trusts by a grandparent to a grandchild, skipping one's child i.e., the grandchild's parent. The generation to which the grantor's children belong skips the opportunity to receive the assets. These types of transfers were originally done to avoid or defer federal gift or estate taxes. However, now such transfers are subject to generation skipping tax if done through a "generation skipping trust," or if made directly without a trust, the gift is as taxable as any large gift.
Legal Definition list
- Generally Applicable Environmental Radiation Standards
- Generally Accepted Standards of Clinical Practice
- Generally Accepted Auditing Standards [GAAS]
- Generally Accepted Accounting Principles [GAAP]
- Generally Accepted Accounting Principles (GAAP)
- Generation Skipping
- Generation-Skipping Transfer Tax
- Generation-Skipping Transfers
- Generation-Skipping Trust
- Generic Campaign Activity
- Generic Drug
