A trust that passes property and/or money to a trustor's grandchild(ren) upon the death of the trustor. The purpose of a generation-skipping trust is to exempt some or all of a trustor's estate from estate taxes that are levied on assets passed directly to children. The children of the trustor may still have access to income generated by the trust depending on the specifics of the trust document. The grandchildren are required to pay a generation-skipping tax on assets over a certain dollar amount (5 million as of 2011) as beneficiaries of an estate held in a generation-skipping trust.