GENERATION-SKIPPING TRANSFER TAX
\d͡ʒˌɛnəɹˈe͡ɪʃənskˈɪpɪŋ tɹˈansfɜː tˈaks], \dʒˌɛnəɹˈeɪʃənskˈɪpɪŋ tɹˈansfɜː tˈaks], \dʒ_ˌɛ_n_ə_ɹ_ˈeɪ_ʃ_ə_n_s_k_ˈɪ_p_ɪ_ŋ t_ɹ_ˈa_n_s_f_ɜː t_ˈa_k_s]\
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A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.
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Word of the day
basidiomycota
- comprises fungi bearing the spores on basidium: Gasteromycetes (puffballs); Tiliomycetes (comprising orders Ustilaginales (smuts) and Uredinales (rusts)); Hymenomycetes (mushrooms; toadstools; agarics; bracket fungi); in some classification systems considered a division of kingdom comprises fungi bearing spores on a basidium; includes Gasteromycetes (puffballs) Tiliomycetes comprising the orders Ustilaginales (smuts) and Uredinales (rusts) Hymenomycetes (mushrooms, toadstools, agarics bracket fungi).
Nearby Words
- generation gaps
- generation skipping transfer
- generation x
- generation y
- generation, act of
- generation-skipping transfer tax
- generation-skipping trust
- generational
- generational accounting
- generations
- generative