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New York State Department of Taxation and Finance Generation Skipping Transfer Tax Return for Terminations For office use only ET501 For terminations made during the calendar year 2011 Calendar year
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A generation-skipping transfer is a transfer of property to a skip person who is at least two generations below the transferor.
The person making the generation-skipping transfer is required to file the necessary paperwork.
To fill out a generation-skipping transfer, you will need to provide details about the transferor, skip person, and the property being transferred.
The purpose of a generation-skipping transfer is to avoid estate taxes that would be incurred if the property passed through multiple generations.
The transferor must report details about the transfer, including the value of the property and the relationship between the transferor and skip person.
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