Generation-skipping-trust Definition

noun
A trust created for the purpose of carrying out a generation-skipping transfer.
Webster's New World Law
other
A trust that is created upon the person’s death. The income for the trust goes to the person’s children while they are alive. When the children die, the trust transfers to the grandchildren. Tax regulations have been tightened to limit the tax-free transfer to grandchildren to $1 million.
Webster's New World Finance

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