Generation Skipping Trust File For Dummies
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
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.
Example of an indirect skip. Mary sets up an indirect skip as a taxable termination to her son Adam, a non-skip person. Under the terms of her Trust, the estate will then pass to Christopher when John passes away. When Christopher receives the cash and assets, he must pay the GSTT.
A generation-skipping trust allows the grantor to leave an inheritance (either in the form of money or assets) to his grandchild, great-niece, great-nephew, or any other natural person who is at least 37.5 years younger than the grantor.
A generation-skipping trust (GST) is a legally binding agreement in which assets are passed down to the grantor's grandchildren?or anyone at least 37½ years younger?bypassing the next generation of the grantor's children.
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.