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generation skipping

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generation skipping adj., adv. referring to gifts made through trusts by a grandparent to a grandchild, skipping one's child (the grandchild's parent). Originally intended to avoid or defer federal gift or estate taxes if paid through a "generation skipping trust," it is now subject to a generation skipping tax, and if made directly without a trust, the gift is as taxable as any large gift. In other words, although generation skipping no longer works to avoid taxes, a grandparent can still give or leave gifts under $10,000 a year to a grandchild without a gift tax.



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Federal taxes, gift, income, estate as well as the generation skipping taxes are other issues involved in the process.
Estates can be put into trusts and there is also a thing called generation skipping transfer.
The trust can be constructed so as to not give any descendant enough rights so that an interest in the property would be includible in his or her estate for federal estate tax or generation skipping tax purposes.
 
 
 
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