MLchartDataset catalogue

Skip person

Term · Law · MLC-T-LAW-004564

An individual who is two or more generations younger than the transferor of property, or a trust where all beneficiaries are skip persons. This designation is relevant for the generation-skipping transfer tax (GSTT), which aims to prevent avoidance of estate and gift taxes by transferring wealth to grandchildren or more remote descendants. The GSTT applies to transfers exceeding a certain exemption amount.

Table 1. Record
IdentifierMLC-T-LAW-004564
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-004564",
  "term": "Skip person",
  "field": "Law",
  "definition": "An individual who is two or more generations younger than the transferor of property, or a trust where all beneficiaries are skip persons. This designation is relevant for the generation-skipping transfer tax (GSTT), which aims to prevent avoidance of estate and gift taxes by transferring wealth to grandchildren or more remote descendants. The GSTT applies to transfers exceeding a certain exemption amount.",
  "url": "https://mlchart.com/terminology/law/skip-person/"
}

Record 4,650 of 5,445 in Law terminology (MLC-0107). Request the full dataset.