7 More Family Office Resources:

• Direct Skip Family Office Definition: Direct Skip Direct Skip definition:  When assets are transferred directly from the grantor to the skip generation (at least 37.5 years younger), a direct skip has occurred, and generation-skipping transfer taxes ...
• Skip Person Family Office Definition: Skip Person Skip Person definition:  The younger recepient triggering a generation-skipping transfer tax is referred to as the "skip person." For example, a grandchild receiving assets from a grandparent. Any non-spouse ...
• Generation-Skipping Trust Family Office Definition: Generation-Skipping Trust Generation-Skipping Trust definition:  A trust established to provide income for the next generation (children), while the skip generation (grandchildren) are beneficiaries of the trust principal.  The trust is set ...
• Family Limited Partnership Family Office Definition: Family Limited Partnership Family Limited Partnership definition:  The family limited partnership is a legal entity with general partners and limited partners. A family limited partnership is similar to a limited liability ...
• What is a family limited partnership? Question:  What is a family limited partnership? Answer: Here is a brief overview of the family limited partnershipThe family limited partnership is a legal entity with general partners and limited partners. A family limited ...
• Generation-Skipping Transfer Tax Family Office Definition: Generation-Skipping Transfer Tax Generation-Skipping Transfer Tax definition:  Assets transferred to generations two or more below the deceased person are subject to additional taxes if the amount exceeds the allowable exemption.  For ...
• Dynasty Trust Family Office Definition: Dynasty Trust Dynasty Trust definition:  A dynasty trust is created to pass wealth to multiple generations and avoid paying the generation-skipping transfer taxes and estate taxes at every transfer of assets ...