A bill to amend the Internal Revenue Code of 1954 to provide that certain arrangements shall not be treated as a generation-skipping trust equivalent for purposes of the tax on generation-skipping transfers.

Amends the Internal Revenue Code to provide that a certain custodianship, a guardianship, and an estate during the period of estate administration shall not be treated as generation-skipping trust equivalents for purposes of the tax on generation-skipping transfers.