A property transfer from grandparents directly to grandchildnen that skips the generation inbetween. Often done to minimize transger or estate taxes, although property transfers over a certain value become subject to a generation-skipping tax. The property transfer may occur during life, or at death.
Definition from Nolo’s Plain-English Law Dictionary
A transfer (during life or at death) made tby a grandparent to a grandchild, skipping the middle generation. Very large transfers of this kind are subject to a special federal generation-skipping transfer tax.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:16 pm