Generation-Skipping Transfers Law and Legal Definition
Generation skipping transfers can be defined as a trust or similar arrangement where the beneficiary is two or more generations younger than the donor. This automatically removes the tax liability from the donor's estate and reduces the ultimate tax burden on the second-generation beneficiary. Large transfers may be subject to the generation-skipping transfer tax.
Legal Definition list
- Generation-Skipping Transfer Tax
- Generation Skipping
- Generally Applicable Environmental Radiation Standards
- Generally Accepted Standards of Clinical Practice
- Generally Accepted Auditing Standards [GAAS]
- Generation-Skipping Transfers
- Generation-Skipping Trust
- Generic Campaign Activity
- Generic Drug
- Generic Mark
- Generic Name
