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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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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
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.
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