Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

direct skip

Read a random definition: shares outstanding

A quick definition of direct skip:

Term: DIRECT SKIP

Definition: Direct skip is when someone transfers their assets to a person who is two or more generations younger than them, either directly or through a trust. This transfer may be subject to a tax called the generation-skipping transfer tax, which is either a gift tax or an estate tax. It's important to know that this tax only applies to very large transfers of wealth.

Related Terms: Generation-skipping transfer, Generation-skipping transfer tax, Skip person

A more thorough explanation:

Definition: Direct skip is a type of transfer of assets that skips a generation and goes directly to the next generation, either through a trust or directly. This transfer may be subject to a generation-skipping transfer tax, which can be either a gift tax or an estate tax.

Example: John wants to leave his estate to his grandchildren instead of his children. He sets up a trust that will transfer his assets directly to his grandchildren, skipping his children. This is an example of a direct skip.

Explanation: In this example, John's assets are transferred directly to his grandchildren, skipping his children. This type of transfer is subject to a generation-skipping transfer tax, which is a tax on the transfer of assets to a person who is two or more generations below the transferor. In this case, John's children are one generation below him, and his grandchildren are two generations below him, so the transfer is subject to the tax.

direct selling | direct tax

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
16:46
wtf
16:47
i'd reach out to their admissions and check up on it
I did 2x and they said "The vast majority of candidates who have submitted their complete application by our deadline will be notified by the last day of April"
like kinda fucked
16:50
ugh that's so annoying
law schools that ghost should give you your money back
or reject
like man GIVE IT BACK!!!!
ClassyPleasantHeron
16:56
Schools explicitly asking applicants to retake the LSAT are TTTs pretending to be 2nd tier.
LMAOOO
like man oklahoma more like oklahowaboutyoueatmyshoe
me when that person on reddit said UofU wave and it's.... 3 people
help who just posted that right after I started bitching in chat
my heart fell straight into my ass mind u
and i just got a fucking app status tracker update... not for UofU... my BP is so spiked rn
QuarrelsomeTurkey
18:29
does anyone know if bu ever releases after 5 pm
Lol @jupitersmoons It feels like UofU is screwing with us haha
fr like I know it"s Mountain Time but bestie we have less than half an hour before typical EOD
what we doing
Real
19:17
new COAs are out
19:37
Anyone know how long it takes to get aid package after getting admitted to UChicago or Northwestern?
I’d ask in the t14 chat bc lol it may be a bit until you can get someone who can answer that question here
21:19
@syddak: Oof tough spot. Congrats on the As. Did either indicate either via email/mail that they would be following up with aid, and if so, did they provide a time frame? It may be acceptable to email them and indicate seat deposits are fast approaching and you are curious if you can expect further info (aid) from the school to aid u in ur decision..
0:26
@UnderRepresentedTryhard: that’s a greater than sign. Meaning outside t14
0:27
Schools>t14
IrishDinosaur
13:38
I'm convinced USC doesn't really exist
IrishDinosaur
13:38
it's an elaborate hoax
i showed a guy at asd my lsd profile. little does he know that im an influencer
babycakes
16:36
u such a crazy flexer
LSD+ is ad-free, with DMs, discounts, case briefs & more.