In Wills containing "Second Generation Planning," Descendant's Trusts are lifetime trusts. Because each beneficiary's trust lasts for his/her entire life, the protections and benefits that the trust provides last for the beneficiary's entire life. Second Generation Planning also refers to the fact that a couple can plan to avoid federal estate taxes on their assets both in their own combined estate and in the estates of their children (and even their grandchildren) when they die. This type of planning implicates the generation-skipping transfer tax (the GST tax).