Generation Skipping Transfer Taxes

Definition of "Generation skipping transfer taxes"

Brahim Hanchi real estate agent

Written by

Brahim Hanchielite badge icon

Sun Realty Advisors

Provision under the Internal Revenue Code, Chapter 13, that specifies a transfer tax of 55% of the gift to a person at least two generations younger than the transferor (person who gives the gift). This tax is imposed in addition to any estate taxes or regular gift taxes.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Historical record of dividends paid. ...

Plan under the employee retirement income security act of 1974 (ERISA) for employees who are less than 50% vested. An employee must be permitted to buy back retirement benefits lost because ...

Policy owner rights under a life insurance policy, including the right to name a new beneficiary at any time and to surrender the policy for its cash value. ...

Entity that offers a managed care plan for workers compensation benefits that joins a provider network with the following parts: case management personnel, medical bill review personnel, ...

Same as term Associate in Automation Management: professional designation earned after the successful completion of three national examinations given by the insurance institute of America ...

Documentation of loss required of a policyowner by an insurance company. For example, in the event of an insured's death, a death certificate (or copy) must be submitted to the company for ...

Study of buying habits of consumers to determine their insurance needs. ...

Employee of the insurance company who has the authority to appoint brokers on behalf of the insurance company. This supervisor has the objective and responsibility to sell the insurance ...

Coverage by at least two insurance policies providing the same coverage for the same risk. ...

Popular Insurance Questions