Definition of generation-skipping tax in English:
An estate tax imposed on beneficiaries who are two or more generations removed from the testator: a married couple has a total generation-skipping tax exemption of transfers of up to $2,000,000
More example sentences
- Also, if your father's grandchildren receive more than $1.5 million, an extra 48 percent generation-skipping tax may be owed as well.
- The generation-skipping tax is a flat tax of 48%.
- This year, the amount that a parent can leave at death free of estate or generation-skipping taxes is $1.5 million.
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