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LSDefine

Simple English definitions for legal terms

direct skip

Read a random definition: actiones honorariae

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

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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