GENERATION-SKIPPING TRANSFER
generation-skipping transfer. A conveyance of assets to a ¡°skip person,¡± that is, a person more than one generation removed from the transferor. ? For example, a conveyance either directly or in trust from a grandparent to a grandchild is a generation-skipping transfer subject to a generation-skipping transfer tax. IRC (26 USCA) ¡ì¡ì 2601¨C2663. See generation-skipping transfer tax under TAX; generation-skipping trust under TRUST; SKIP PERSON.
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