Generation Skipping

Business, Legal & Accounting Glossary

Definition: Generation Skipping




What is the dictionary definition of Generation Skipping?

Dictionary Definition


adj., adv. referring to gifts made through trusts by a grandparent to a grandchild, skipping one’s child (the grandchild’s parent). Originally intended to avoid or defer federal gift or estate taxes if paid through a “generation skipping trust,” 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. In other words, although generation skipping no longer works to avoid taxes, a grandparent can still give or leave gifts under $10,000 a year to a grandchild without a gift tax.


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Generation Skipping. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 21, 2021 https://payrollheaven.com/define/generation-skipping/.
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Generation Skipping. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/generation-skipping/ (accessed: September 21, 2021).
American Psychological Association (APA):
Generation Skipping. PayrollHeaven.com. Retrieved September 21, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/generation-skipping/

Definition Sources


Definitions for Generation Skipping are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th April, 2020 | 0 Views.