Exchange Currency

generation-skipping trust

A trust that passes property and/or money to a trustor's grandchild(ren) upon the death of the trustor. The purpose of a generation-skipping trust is to exempt some or all of a trustor's estate from estate taxes that are levied on assets passed directly to children. The children of the trustor may still have access to income generated by the trust depending on the specifics of the trust document. The grandchildren are required to pay a generation-skipping tax on assets over a certain dollar amount (5 million as of 2011) as beneficiaries of an estate held in a generation-skipping trust.

Related information about generation-skipping trust:
  1. Generation-Skipping Trust Definition | Investopedia
    A type of legally binding trust agreement in which the contributed assets are passed down to the grantor's grandchildren, not the grantor's children.
     
  2. What is a Generation Skipping Trust? | Estate Planner
    Jan 31, 2011 ... A generation skipping trust is not just designed for the elite or wealthy. This type of trust provides a great way to safeguard any family's assets ...
     
  3. Generation Skipping Trust
    A generation-skipping trust is exactly what it sounds like - a trust in which a grantor's assets are locked up in a trust to be transferred the grantor's grandchildren, ...
     
  4. The Generation-Skipping Transfer Tax: A Quick Guide
    Taxable distributions are reported to skip persons by a trustee on Form 706-GS(D -1), Notification of Distribution From a Generation-Skipping Trust, which notifies ...
     
  5. What is a Generation Skipping Trust? - The Law Offices of Jean D ...
    A generation skipping trust seeks to keep property in a family while avoiding estate taxes every other generation. A GST allows a generation of beneficiaries to ...
     
  6. Generation Skipping Trust | Skipping Trust | Caring.com
    Understand how a Generation Skipping Trust works. Learn how a Generation Skipping Trust affects distribution of assets.
     
  7. Generation Skipping Trusts and Taxes - Life123
    Generation Skipping Trust Funds · IRS Generation Skipping Tax · Generation Skipping Exclusion Amounts · How Does a Generation Skipping Trust Work ...
     
  8. What is a Generation Skipping Trust? - YouTube
    Nov 30, 2010 ... So if you are a grandparent who wants to leave assets to your grandchildren, I'm afraid there's something you should know. And that is, even ...