Taxable Termination - Law Dictionary Search Results
taxable termination
Matched in: Term taxable termination
generation-skipping transfer
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 … 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
taxable distribution
Matched in: Term taxable distribution
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direct skip
all interest is held by such persons and that is subject to generation-skipping transfer taxes compare taxable distribution, taxable termination
trust
credit shelter trust shelter trust NOTE: The purpose of a bypass trust is to reduce the surviving spouse's taxable estate. Such trusts do not qualify for the marital deduction. charitable lead trust [-lēd-] : a trust in … lasting at least ten years with income payable to a beneficiary and principal reverting to the settlor upon termination NOTE: Prior to the Tax Reform Act of 1986, a Clifford trust could be used as a tax
gift
which the value of property so transferred exceeds the consideration paid is included in the total amount of taxable gifts made during a calendar year. … gift over pl: gifts over : a gift esp. by will of property that takes effect upon the termination or failure of a preceding estate (as a life estate) in the property manual gift : a gift
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