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Generation-Skipping Trust
A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income from the trust. Because the children (the middle generation) never legally own the property, it isn't subject to estate tax at their death. (See also: generation-skipping transfer tax)
LA-NOLO1:DRU.1.6.4.20141222.29342