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What is the generation-skipping tax?

By March 16, 2015

This is a tax levied on assets that are given to individuals who are more than one generation away from the donor. An example would be a grandparent giving an asset to a grandchild either during the grandparent’s life or at death. Each donor has a $1,500,000 exemption in the year 2005 from the generation-skipping transfer tax.