Generation Skipping Transfer Taxes

Definition of "Generation skipping transfer taxes"

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.

Search Real Estate Glossary

Related Real Estate Glossary terms

Health Care Power Of Attorney

Legal instrument that authorizes a person to make medical decisions for another person should that p ...

True Group Plan

Insurance arrangement in which all employees of a given business firm are accepted into a plan regar ...

Non Recourse

Absence of a personal liability such as when a creditor may seize an office building used as securit ...

Spouse

A married partner. Property may be jointly held by spouses. ...

Insurance Futures

Futures contracts (legally binding contract that stipulates that delivery of an asset will be taken ...

Transfer Payments

Redistribution of wealth by taking money from one group of individuals and allocating that sum to an ...

Related Real Estate FAQ

What Type Of Life Insurance Is Right For Me?

A life insurance policy can help enable your family to remain financially if you or your spouse shou ...

What Is A VA Loan?

A VA loan is a type of loan available to veterans and guaranteed by the Department of Veterans\' Aff ...

What Is Zoning?

Zoning is the laws that establish how a property can be used and what codes must be followed when er ...

Who Is A Subagent?

A subagent is an agent who works with you to purchase a house but is paid by the seller. ...

What Is Earnest Money?

Earnest money is a deposit you make when you make an offer on a house. ...

What Is A Term?

A term is the length of a loan. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

What is Hazard Insurance? How to become a real estate agent What is Escrow and how does it Work? Rent or Buy - the pros and cons Top Five Reasons Your Home Offer was Rejected

FAQ

What is a broker? What is a subprime mortgage? What is Long Term Care Insurance? Do you have any tips to help me manage my investing? What is an inspection?