Even if you are one of the many Florida residents who already has a pretty firm estate plan in place, you may find now a good time to review that plan. As life changes, so too might your estate plan. One of the tools you might want to consider is a generation-skipping trust.
As The Motley Fool explains, a generation-skipping trust may commonly be used by people with high-asset value estates. As its name implies, a GST helps you leave assets for grandchildren or subsequent generations. There are sometimes unique situations when grandchildren may not be considered a skipped generation such as if their parents have already died and the grandchildren would then be considered the first in line as heirs.