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. . 2008.


generation-skipping transfer
A transfer (during life or at death) made tby a grandparent to a grandchild, skipping the middle generation. Very large transfers of this kind are subject to a special federal generation-skipping transfer tax.
Category: Wills, Trusts & Estates → Estate Tax

Nolo’s Plain-English Law Dictionary. . 2009.


generation-skipping transfer
n. A grant of assets to a grandchild or other grantee who is more than one generation removed from the grantor.

Webster's New World Law Dictionary. . 2000.

Look at other dictionaries:

  • 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 — Transfer of assets more than a single generation removed from the transferor (e.g., from grandfather to grandchild). See generationskipping transfer tax generation skipping trust …   Black's law dictionary

  • generation-skipping transfer — Transfer of assets more than a single generation removed from the transferor (e.g., from grandfather to grandchild). See generationskipping transfer tax generation skipping trust …   Black's 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 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

  • generation-skipping transfer or trust — A trust in which a principal amount is placed in a trust on the death of person A and is transferred to A s grandchildren when A s children die. The income from the trust goes to the children of person A while they survive. Bloomberg Financial… …   Financial and business terms

  • generation-skipping transfer tax — /ˌdʒenəreɪʃ(ə)n skɪpɪŋ trænsf : tæks/ noun US a tax on property left to grandchildren or great grandchildren with the intention of avoiding paying estate duties. Abbreviation GSTT …   Dictionary of banking and finance

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