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Simple English definitions for legal terms

generation skipping

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A quick definition of generation skipping:

Generation skipping refers to when a grandparent gives a gift to their grandchild without giving anything to their own child (the grandchild's parent). This used to be a way to avoid paying taxes, but now there is a tax on these gifts. However, a grandparent can still give small gifts to their grandchild without having to pay taxes.

A more thorough explanation:

Definition: Generation skipping refers to gifts made by a grandparent to a grandchild, skipping the grandchild's parent. This is usually done through a trust to avoid or defer federal gift or estate taxes. However, it is now subject to a generation skipping tax, and if made directly without a trust, the gift is as taxable as any large gift. Despite this, a grandparent can still give or leave gifts under $10,000 a year to a grandchild without a gift tax.

Example: John wants to leave his estate to his grandchildren, but he wants to avoid paying estate taxes. He sets up a generation skipping trust, which allows him to leave his assets to his grandchildren without paying taxes. However, the trust is subject to a generation skipping tax, which means that John's grandchildren will have to pay taxes on the assets they inherit.

Explanation: This example illustrates how a grandparent can use a generation skipping trust to leave assets to their grandchildren without paying estate taxes. However, the trust is subject to a generation skipping tax, which means that the grandchildren will have to pay taxes on the assets they inherit.

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haha suckers!!!!!!!!!!!!!!!!!
20:38
prolly have a lil family and hobbies what loosers
hahah losers like what? you travel? have a life? not me, i'm reading every line of a contract while my seniors go play golf and enjoy like hahaha suckers
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yea inverse perspective, what is fun is not fun and what is not fun is fun
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you get it.
i wanna be able to travel a ton too
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Im only going to law school to recruit members for the revolution
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nice where u wanna go? yea bullet dodged fr
can we join even if we're not at ur school
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yeah but youd be in a different chapter
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are we revolting against people who do not use their signal whilst driving?
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We’re revolting against the man, man
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Power does not flow from the sleeve of a judges robe to paraphrase
fuck yeah i'm down
MrThickRopes
20:46
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MrThickRopes
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MrThickRopes
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PUT DA BEAT ON BRUH
20:48
Aight yall can join but I call dibs on being assassinated
MrThickRopes
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MrThickRopes
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Up in da club
MrThickRopes
20:49
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the unction
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just got a DUI while drinkin an NA beer in my car
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someone help is some1 a hoya lowya here?!
MrThickRopes
21:03
Yoooo wtf
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jk ropes but I do got ops fr
MrThickRopes
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Me too bruh they praying on my downfall fr
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bruh i got ppl tryna make my head a brain smoothie
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serve me with some margarita mix and agave sweetener and summ
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