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LSDefine

Simple English definitions for legal terms

direct skip

Read a random definition: evidence of indebtedness

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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im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
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)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
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