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LSDefine

Simple English definitions for legal terms

deemed transferor

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A quick definition of deemed transferor:

A deemed transferor is someone who has an interest in a special kind of trust that can be taxed when they die. This person is usually the child of the person who created the trust. For example, if a grandfather sets up a trust that pays money to his son for life and then gives the rest to his grandson, the son is the deemed transferor. When the son dies, the government may take some of the money in the trust as a tax. This tax is called the generation-skipping transfer tax.

A more thorough explanation:

A deemed transferor is a person who holds an interest in a generation-skipping trust on behalf of a beneficiary. When this person dies, the generation-skipping transfer tax is imposed. This person is often a child of the settlor.

Let's say a grandfather establishes a trust with income payable for life to his son. The remainder of the trust goes to his grandson, who is also known as the skip person. When the son dies, the trust will be included in his gross estate for determining the generation-skipping transfer tax. In this example, the son is the deemed transferor.

This definition is important for understanding the tax implications of generation-skipping trusts and how they are passed down through generations.

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almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
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Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
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