Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

generation skipping

Read a random definition: adoption-assistance plan

A quick definition of generation skipping:

Generation skipping refers to when a grandparent gives a gift to their grandchild without giving anything to their own child (the grandchild's parent). This used to be a way to avoid paying taxes, but now there is a tax on these gifts. However, a grandparent can still give small gifts to their grandchild without having to pay taxes.

A more thorough explanation:

Definition: Generation skipping refers to gifts made by a grandparent to a grandchild, skipping the grandchild's parent. This is usually done through a trust to avoid or defer federal gift or estate taxes. However, it is now subject to a generation skipping tax, and if made directly without a trust, the gift is as taxable as any large gift. Despite this, a grandparent can still give or leave gifts under $10,000 a year to a grandchild without a gift tax.

Example: John wants to leave his estate to his grandchildren, but he wants to avoid paying estate taxes. He sets up a generation skipping trust, which allows him to leave his assets to his grandchildren without paying taxes. However, the trust is subject to a generation skipping tax, which means that John's grandchildren will have to pay taxes on the assets they inherit.

Explanation: This example illustrates how a grandparent can use a generation skipping trust to leave assets to their grandchildren without paying estate taxes. However, the trust is subject to a generation skipping tax, which means that the grandchildren will have to pay taxes on the assets they inherit.

findings of fact | guest

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
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.