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Simple English definitions for legal terms

generation-skipping tax

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A quick definition of generation-skipping tax:

A generation-skipping tax is a type of tax that the government charges on money or property that is passed down to grandchildren or other people who are not directly related to the person who owned the money or property. It is a way for the government to collect money from people who try to avoid paying taxes by giving their money to their grandchildren instead of their children. Taxes are charges that the government collects from people to pay for things like schools, roads, and other public services.

A more thorough explanation:

A generation-skipping tax is a type of tax that is imposed on transfers of property or assets to beneficiaries who are two or more generations younger than the person making the transfer. This tax is in addition to any other estate or gift taxes that may apply.

  • Grandfather wants to leave his estate to his grandchildren instead of his children. He will have to pay a generation-skipping tax on the transfer.
  • A wealthy individual wants to leave a large sum of money to a trust that will benefit their great-grandchildren. The transfer will be subject to a generation-skipping tax.

These examples illustrate how a generation-skipping tax applies to transfers of property or assets to beneficiaries who are more than one generation younger than the person making the transfer. The tax is designed to prevent wealthy individuals from avoiding estate and gift taxes by transferring assets to younger generations.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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