skip person
- An individual who receives assets (through inheritance or gifting) from someone of at least two generations above, often a grandparent, which might cause the federal generation-skipping transfer tax (GSTT) to apply
- Since he received a large inheritance from his grandfather, he was considered a skip person, subject to the GSTT.
- The IRS might impose the GSTT on a skip person who receives sizable monetary gifts.
- Designating their grandchildren as skip persons, the elderly couple gifted their vast estate, leading to potential GSTT implications.
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