Generation Skipping Trust Sample 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
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.
The generation-skipping tax kicks in when someone gifts assets to a "skip person," either during their lifetime or after death. A skip person is someone two or more generations younger than the transferor. Grandchildren and great-grandchildren are the most common skip persons.
Grandchildren are the most common beneficiaries of this trust, but the recipient can be anyone more than one generation younger than the grantor, provided they are not a spouse or ex-spouse. The generation-skipping trust is irrevocable, meaning you typically can't change or modify it.
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.
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.