Estate Planning For Dummies by Jordan S. Simon & Joseph Mashinski
Author:Jordan S. Simon & Joseph Mashinski [Simon, Jordan S. & Mashinski, Joseph]
Language: eng
Format: epub
ISBN: 9781394158560
Publisher: Wiley
Published: 2023-03-09T00:00:00+00:00
OUR REGULAR DOSE OF LEGAL-SPEAK
In Chapter 6, we discuss the pattern in legal terminology where words ending in âor are the persons controlling the property whereas words ending in âee are the persons receiving something from the âor. With generation-skipping transfer tax lingo, the same holds true. The transferor transfers the property to the transferee.
Generation-skipping transfers typically occur within families, so according to the first rule â two or more generations lower than your own â the following are common examples of generation-skipping transfers:
You transfer property to your grandchild.
You transfer property to your great-grandchild.
You transfer property to your sisterâs grandchild (your great-grand-niece).
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