GSTT

Question 1

who is skip person

Answer 1

Skip Persons

For termination purposes, skip person means a trust beneficiary who is either:

A natural person assigned to a generation that is two or more generations below the settlor's generation, or

A trust that meets either of the following conditions:

    All interests in the trust are held by skip persons; or

    No person holds an interest in the trust, and at no time after the transfer to the trust may a distribution be made to a non-skip person.

Question 2

Skip person who have interest

Answer 2

A person holds an interest in the trust if, at the time the determination is made, the person:

Has a current right to receive income or corpus from the trust;

Is a permissible current recipient of income or corpus from the trust (other than charitable entities); or

Is a charitable or other entity described in section 2055(a) and the trust is a charitable remainder annuity trust, a charitable remainder unitrust, or a pooled income fund.