Direct Skip - Law Dictionary Search Results
Home Dictionary Name: direct skipdirect skip
direct skip : a generation-skipping transfer of an interest in property to a skip person : a transfer that is to a person two or more generations below the person making the transfer or to a trust in which all interest is held by such persons and that is subject to generation-skipping transfer taxes compare taxable distribution, taxable termination ...
generation-skipping transfer
generation-skipping transfer : a transfer of property or of an interest in property that is to a person of a generation more than one generation below that of the transferor and that can be characterized as a taxable termination, a taxable distribution, or a direct skip see also direct skip generation-skipping trust at trust, skip person, taxable distribution, taxable termination NOTE: A transfer from a grandparent to a grandchild qualifies as a generation-skipping transfer, as does a transfer of a life estate to a child with a remainder in the grandchild. Such transfers are subject to a generation-skipping transfer tax. ...
skip person
skip person : a person to whom property is transferred in a generation-skipping transfer ;also : a trust whose interests are all held by or may only be distributed to skip persons see also direct skip compare generation-skipping transfer ...
taxable termination
taxable termination : a generation-skipping transfer of property held in trust that is subject to a generation-skipping transfer tax payable by the trustee when an interest in the property terminates (as at the death of the parent of a skip person), no interest is held by one who is not a skip person, and a distribution to a skip person may be made compare direct skip, taxable distribution ...
taxable distribution
taxable distribution : a generation-skipping transfer of property held in trust that is subject to a generation-skipping transfer tax payable by a skip person when he or she receives a distribution of income or principal compare direct skip, taxable termination ...
generation-skipping transfer tax
generation-skipping transfer tax : a transfer tax on a generation-skipping transfer called also generation-skipping tax ...
generation-skipping tax
generation-skipping tax : generation-skipping transfer tax ...
non-skip person
non-skip person : a person who is not a skip person ...
Skippingly
In a skipping manner by skips or light leaps...
generation-skipping trust
generation-skipping trust see trust ...
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