Skip Person - Law Dictionary Search Results

Home Dictionary Name: skip person

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 ...

non-skip person

non-skip person : a person who is not a skip person ...

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. ...

direct 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 ...

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 ...

trust

trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...

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 ...

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