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Generation Skipping Taxes
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 As the name suggests, Generation Skipping Taxes prevent tax avoidance by leaving wealth two generations below rather than directly to the generation that follows.

If I leave assets to my children who later pass them on to their children, these assets are potentially subject to estate taxes when I die as well as when my children die. Leaving them directly to my grandchildren would avoid taxation upon their parents' deaths.

Generation Skipping Taxes ensure that regardless of who receives the assets or when, they are taxed as if they had passed through the generations that came before.

<NEXT: How is an Inheritance Tax different than an Estate Tax?>

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