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Simple English definitions for legal terms

direct skip

Read a random definition: constructive abandonment

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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MrThickRopes
16:29
Penn state send me some email
MrThickRopes
16:29
Thank you for your application to Penn State Dickinson Law. We want to keep you informed throughout the application process and write with an update on the current admissions cycle. First, we want to thank you for your patience. We know that this is a stressful process for our applicants, and we want to make sure we keep the lines of communication open with you. Carefully reviewing applications takes time and each application is given due consideration. While we can't provide a specific timeline for decisions at this point, please know that your application is under consideration until you receive a final decision from us. If we're able to offer you admission, we will assign a deposit deadline that gives you time to consider your offer.
MrThickRopes
16:29
This ain’t tell me nothinnng
I GOT THAT TOO I WAS SO MAD
the title threw me off so badddddd
16:33
yikes how useless is that...
16:34
got waitlisted by rutgers and i think penn state too with that email :((((
i wouldn't take that email as a waitlist!!! i'd take it more as "we are gonna be slow"
i know someone who didn't get an acceptance notice until the fucking day before orientation like what
16:38
stay positive mr fingers!
mrphalanges
16:38
thank you!!
mrphalanges
16:38
hope that yall get into your schools!!
you too!!:)
oh to be the kid with a 3.9 and a 170+
DefinitelyRobbingBanks
16:41
Kinda wish I applied to Penn State.
MrThickRopes
16:41
Ima crash tf outtt
DefinitelyRobbingBanks
16:41
basically the same rank as UNLV, but a little closer to the Delaware market.
DefinitelyRobbingBanks
16:41
Penn State is dummy friendly with the Money too
mrphalanges
16:41
got deferred at villanova too which is my top school so april is kind of kicking my assssss
16:45
Awh, sorry. Hopefully you get off waitlist! you can also always try again next year
llama
16:58
Apply to 'Bama with me and Ropes!
llama
16:59
Im feeling bad about myself today, O well I bet ordering McDelivery some snackers will help! Chat what do I order?
17:01
nothing. get something healthier
llama
17:02
I get one cheat meal a day and Im not tryna eat rabbit food for dinner. C'mon
17:07
apple pie
Denny
17:11
nothing you idiots dr dres day
Denny
17:11
dead
17:13
he's locked in my basement
17:13
no cap
17:17
@llama: Get the spicy mchicken meal deal, get the free upgrade to a large soda and get a free deal fry or redeem an item. Crazy value for $5
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