Estate Planning terms G

General Power of Appointment: A donee’s power to determine who will receive a property interest.  A general power of appointment does not limit who can receive the property, it can be passed to anyone.

Generation Skipping Transfer (GST): A method of transferring of property (usually in trust), to beneficiaries who are two or more generations younger than the grantor.

Generation Skipping Transfer Tax (GST): A tax on transfers made to descendants who are at least two generations younger than the donor.

Generation Skipping Transfer Tax Exemption: An exemption from generation-skipping tax.

Generation Skipping Trust: A trust whose beneficiaries are two or more generations younger than the donor.

Gift: An unconditional and voluntary transfer of title and control over a property where nothing of value is received in return.

Gifting: Means of implementing an estate plan by bestowing gifts to the intended successors by the donor.

Grantee: The recipient of the property being transferred by deed or of property rights granted through a trust instrument or some other legal document.

Grantor: A person who creates a trust. Also known as the creator, settlor, donor or trustor.

Grantor Retained Annuity Trust: Trust where the grantor decides on an annual dollar amount that he or she will receive for a fixed term. The principal then goes to the beneficiaries at the end of that term. If the grantor survives until the end of the annuity term, the entire trust principal will be excluded from his or her estate for tax purposes.

Grantor Trust: A trust where the grantor or a third party is treated as the owner of the trust and taxed on its income because of their rights to the income or principal. Generally not treated as a separate entity for income tax purposes.

Gross Estate: Value of all properties where a deceased had ownership interests.
Guardian: A person legally entrusted to care for and manage the property and rights of another person, often a minor.

Guardianship: An arrangement where another acts for another whom the law deems incapable of managing his affairs.
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