A trust in which a principal amount is placed in a trust on the death of person A and is transferred to A's grandchildren when A's children die. However, the income generated from the trust while the children of person A are alive goes to the children of person A.
GENERATION-SKIPPING TRANSFER OR TRUST
Meaning of GENERATION-SKIPPING TRANSFER OR TRUST in English
Campbell R. Harvey. Hypertextual finance English glossary. Английский словарь гипертекстовых финансов. 2012