GENERATION-SKIPPING TRUST
\d͡ʒˌɛnəɹˈe͡ɪʃənskˈɪpɪŋ tɹˈʌst], \dʒˌɛnəɹˈeɪʃənskˈɪpɪŋ tɹˈʌst], \dʒ_ˌɛ_n_ə_ɹ_ˈeɪ_ʃ_ə_n_s_k_ˈɪ_p_ɪ_ŋ t_ɹ_ˈʌ_s_t]\
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A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income from the trust. Because the children (the middle generation) never legally own the property, it isn't subject to estate tax at their death. See generation-skipping transfer tax.
By Oddity Software
