skip person
Tax. A beneficiary who is more than one generation removed from the transferor and to whom assets are conveyed in a generation-skipping transfer. IRC (26 USCA) § 2613(a). See GENERATION-SKIPPING TRANSFER. [Cases: Internal Revenue 4224.]
Search Results for: SKIP PERSON
nonskip person
nonskip person. Tax. A person who is not a skip person for purposes of the generation-skipping transfer tax. IRC (26 USCA) § 2613(b). See SKIP PERSON . [Cases: Internal Revenue 4224.]
skip person
skip person. Tax. A beneficiary who is more than one generation removed from the transferor and to whom assets are conveyed in a generation-skipping transfer. IRC (26 USCA) § 2613(a). See GENERATION-SKIPPING TRANSFER. [Cases: Internal Revenue 4224.] “Since a skip person is necessary to trigger a generation-skipping tax, it is important to have a precise
skiptracing agency
skiptracing agency. A service that locates persons (such as delinquent debtors, missing heirs, witnesses, stockholders, bondholders, etc.) or missing assets (such as bank accounts).
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generation skipping trust
A trust that is established to transfer (usu. principal) assets to a skip person (a beneficiary more than one generation removed from the settlor). • The transfer is often accomplished by giving some control or benefits (such as trust income) of the assets to a nonskip person, often a member of the generation between the
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direct skip
direct skip. Tax. A generation-skipping transfer of assets, either directly or through a trust. • A direct skip may be subject to a generation-skipping transfer tax — either a gift tax or an estate tax. IRC (26 USCA) §§ 2601–2602. See GENERATION-SKIPPING TRANSFER; generation-skipping transfer tax under TAX; SKIP PERSON. [Cases: Internal Revenue 4224.]
generation skipping transfer
generation-skipping transfer. A conveyance of assets to a “skip person,” that is, a person more than one generation removed from the transferor. • For example, a conveyance either directly or in trust from a grandparent to a grandchild is a generation-skipping transfer subject to a generation-skipping transfer tax. IRC (26 USCA) §§ 2601–2663. See generation-skipping
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taxable distribution
taxable distribution. A generation-skipping transfer from a trust to the beneficiary (i.e., the skip person) that is neither a direct skip nor a taxable termination. See GENERATION-SKIPPING TRANSFER; generation-skipping transfer tax under TAX; generation-skipping trust under TRUST; SKIP PERSON. [Cases: Internal Revenue 4224.]
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taxable termination
taxable termination. A taxable event that occurs when (1) an interest in a generation-skipping trust property terminates (as on the death of a skip person’s parent who possessed the interest), (2) no interest in the trust is held by a nonskip person, and (3) a distribution may be made to a skip person. • Before
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deemed transferor
deemed transferor. Tax. A person who holds an interest in a generation-skipping trust on behalf of a beneficiary, and whose death will trigger the imposition of a generation-skipping transfer tax. • A deemed transferor is often a child of the settlor. For example, a grandfather could establish a trust with income payable for life to