Living trust - Estate Planning - Revocable living trust - Void Probate - living trust documents - Legal forms
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To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you
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Generation-skipping trust
A generation-skipping trust (also called a dynasty trust) allows you to transfer a substantial amount of money tax-free to beneficiaries who are at least two generations your junior -- typically your grandchildren. The generation-skipping exemption is increasing gradually from $1 million in 2003 to $3.5 million in 2009. You may specify that your children may receive income from the trust and even use its principal for almost anything that would benefit your grandkids, including health care, housing or tuition bills.
Beware, however. If you leave more than the exemption amount, the bequest will be subject to a generation-skipping transfer tax. This tax is separate from estate taxes, and is designed to stop wealthy seniors from funneling all their money to their grandchildren.
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Return to all Living Trust legal information
Legal Articles about Living Trust
Living Trust Frequently Asked Questions
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