A trust designed to avoid transfer and estate taxes by passing wealth down through family generations.
These trusts are irrevocable and often limited by state rules against perpetuity.
Definition from Nolo’s Plain-English Law Dictionary
A trust designed to pass down family wealth for many generations while avoiding transfer taxes (estate tax and generation-skipping tax) to the greatest extent possible.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:15 pm