Generation Skipping Trust Form With Trust
Description
How to fill out Irrevocable Generation Skipping Or Dynasty Trust Agreement For Benefit Of Trustor's Children And Grandchildren?
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FAQ
Is a GST Trust Revocable or Irrevocable? A generation skipping trust is an irrevocable trust. This type of trust cannot be changed or revoked.
A generation-skipping trust is an irrevocable trust that assigns a beneficiary who is younger than the settlor ? the person who establishes the trust ? by at least 37 1/2 years.
Skipping a Generation For example, if you skip the living parent (your child) and leave an inheritance directly to your grandchild. It can happen unintentionally, as when an inheritance is in a trust for your child, and your child dies after you, but before receiving the full amount in the trust.
Generation-skipping transfers: You place assets in a trust using your GST tax exemption. The trust pays your child income for life with the remainder passing outside of your child's taxable estate to your grandchildren or future generations after your child is deceased.
This type of trust, through which assets skip a generation, is also called a GST trust or dynasty trust, because it is often used by affluent families to pass down wealth at a great estate tax savings.