Printer Friendly
Dictionary, Encyclopedia and Thesaurus - The Free Dictionary
3,896,513,276 visitors served.
forum Join the Word of the Day Mailing List For webmasters
?
Dictionary/
thesaurus
Medical
dictionary
Legal
dictionary
Financial
dictionary
Acronyms
 
Idioms
Encyclopedia
Wikipedia
encyclopedia
?

Skip Person

    0.01 sec.
Skip Person
The transfer of a property to a person two or more generations younger than the person making the transfer. This may trigger a taxable event.


Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content.
?Page tools
Printer friendly
Cite / link
Feedback
Add definition
Mentioned in?  References in periodicals archive?   Financial browser?   Full browser?
No references found
 
If the donee is not related to the donor, the individual is not a skip person if he or she is not more than 37 1/2 years younger than the donor.
Thus a grandchild who might be a skip person to his or her grandparent will not be treated as a skip person if his or her parent dies before the grandparent.
This is because the trust is not a skip person in relation to the child (assuming, of course, that the only beneficiaries of the trust are the child and his or her children [the settlor's grandchildren], they would not be skip persons in relation to the child).
 
 
 
Financial Dictionary
?

Terms of Use | Privacy policy | Feedback | Advertise with Us | Copyright © 2012 Farlex, Inc.
Disclaimer
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.