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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

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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