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Simple English definitions for legal terms

generation-skipping trust

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A quick definition of generation-skipping trust:

A generation-skipping trust is a type of trust that used to be created to give large gifts or inheritances to younger generations without having to pay extra taxes. However, now these trusts are subject to the same taxes as regular gifts or inheritances. Wealthy individuals can still use dynasty trusts to avoid these taxes when making large transfers.

A more thorough explanation:

A generation-skipping trust is a type of trust that allows individuals to transfer assets to their grandchildren or other younger generations without incurring estate and gift taxes. This type of trust is often used to pass on wealth to future generations.

For example, if a wealthy individual wants to leave a large sum of money to their grandchildren, they can create a generation-skipping trust to do so. This allows them to avoid paying estate and gift taxes on the transfer.

However, it's important to note that the generation-skipping transfer tax was enacted to prevent individuals from avoiding taxes through these types of trusts. As a result, generation-skipping trusts are no longer as beneficial for tax purposes as they once were.

Despite this, some individuals still use dynasty trusts as a way to transfer wealth to future generations without incurring the generation-skipping tax.

generation-skipping transfer tax | generic

General

General chat about the legal profession.

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babycat

15:12

But one time this guy I'd been dating for a little bit had a tinder notification come up on his phone and I flipped my shit lol

1a2b3c4d26z

15:12

Yea but isn't that just cheating

1a2b3c4d26z

15:12

If you're already dating

babycat

15:13

I mean like casual dating without a label

BulbasaurNoLikeCardio

15:13

My wife and I date girls together but we don't fuck unless it is going to be exclusive but having hot chick friends you can flirt with is great.

babycat

15:13

I also have hot chick friends I can flirt with

BulbasaurNoLikeCardio

15:13

@babycat: Tinder spams marketing messages so dude probably forgot to delete but either way he didn't deserve you so fuck him

babycat

15:14

That was actually it but I was mean to him for like two days about it anyways

Dkk

15:14

Yeah, I am going to bed. I am starting to feel tired. Goodnight.

renard99

15:14

Goodnight DK

Dkk

15:14

Thank you. Goodnight to you too.

babycat

15:14

don't let the bedbugs bite

Dkk

15:14

Yeah cus bed bugs can carry aids.

BulbasaurNoLikeCardio

15:14

The whole having a group of hot chick friends you can flirt with while going out is great. Makes for a fun and safer environment when drinking.

babycat

15:15

I love my hot chick friends. Don't know where I would be without them

renard99

15:15

Crazy story, I had dinner with the dad of a friend of mine and he just openly went on Tinder in front of me and the other guys. Later my mom ran into him with another woman (not his wife/friend's mom) and he got very uncomfortable and never texted her again

renard99

15:15

I can't imagine what it's like being a cheater or like a serial dater. Shit seems so nervewracking

BulbasaurNoLikeCardio

15:16

My wife and I have great and open communication but one night she kept asking me why this girl is blowing up my phone with messages/pictures so I showed her... she got a new puppy and got drunk so had her puppy doing a fashion shoot at 11pm.

babycat

15:16

Awwww

BulbasaurNoLikeCardio

15:17

I need more hot friends to hang with, the town we are in sucks butt for it and everyone seems shifty/flaky.

glovediedthisishismom

15:17

whoever was asking for an AU wave earlier fished their wish

babycat

15:18

I keep my dating very clean and above board. No overlaps, no ambiguities. If you want to go into some sort of public office in the future it's good to be smart about things like that

babycat

15:18

So many politicians have sex scandals and that's how they get blackmailed and other people have power over them. I mean of course there are ethical and emotional issues too but it's literally just smart to not be a cheater

BulbasaurNoLikeCardio

15:19

I would never go into public office as it drags in your family as well. Dating is so much easier then some people make it out to be and it is not that hard to not cheat. I would always tell my soldiers to rub one out before making a big decision so they arent acting dumb

BulbasaurNoLikeCardio

15:20

Like if more cheaters just paused and rubbed one out they would be like you know maybe ill just watch some TV

babycat

15:20

I've seen some people do a really good job keeping their family out of it. But it really is an "anything they can use against you, they will" type of vibe

babycat

15:21

Ugh I need to go work on essays bye folks

BulbasaurNoLikeCardio

15:22

I don't do anything I can be blackmailed with, I like money too much to be sketch. Have fun doing your essays and a good weekend

info-man

15:23

don't have the motivation to work on essays

BulbasaurNoLikeCardio

15:25

I got to work on essays for finals but I'm like that is a next week me problem. I am glad to be done with LS ones. I felt weird talking about myself

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