Generation Skipping Trust File Format
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
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.
As an example of a taxable termination, consider a transferor who establishes an income-producing trust for his son. Upon the son's death, the remaining property would be passed on to the transferor's grandchild, at which time those assets would be subject to the GST tax.
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.
A generation skipping trust is a fiduciary arrangement that is used to pass down assets and property to a later generation. The trustor, also called the settlor or grantor, skips over their own children to pass the inheritance to their grandchildren. The trust skips a generation, thus earning its name.
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.