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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