Weatherby & Associates, PC

General power of appointment
See "Power of appointment, general."

Generation-skipping transfer
A transfer to a grandchild or other individual who is at least two generations below that of the donor, or to a trust for the benefit of such individuals, upon which a generation-skipping trasfer tax may be imposed.

Generation-skipping transfer tax
A tax imposed on a generation-skipping transfer.

Gift/leaseback
A gift of property followed by the donor's leasing the property back.

Gift-splitting
A donor's making of a gift as to which the donor's spouse elected on a timely gift tax return to be treated as the donor of one half of the gift, thus enabling the use of the donor's spouse's unified credit and annual gift tax exclusion.

Grantor
The person treated as the creator of a trust.

Grantor-retained annuity trust
A trust under which the grantor retains an annuity interest for a term of years, followed by a transfer of the trust funds to the named individual or individuals.

Grantor-retained income trust
A trust under which the grantor retains an income interest for a term of years, followed by a transfer of the trust funds to the named individual or individuals.

Grantor-retained unitrust
A trust under which the grantor retains an annuity interest for a term for years, measured by a percentage of the annual value of the trust assets, and followed by a transfer of the trust funds to the named individual or individuals.

Grantor S corporation trust
A trust that owns stock in one or more S corporations, and that may do so without jeopardizing the S corporation's tax status because the trust is wholly treated as owned (under § 671 through 677) by a grantor who is a U.S. citizen or resident alien.

Grantor trust
A trust that is treated as owned, in whole or in part, by its grantor under ;§;§671 through 677, and 679.

Group-term life insurance
A term life insurance policy covering a group of persons, usually employed by the same employer.

Guardianship
This is a more extensive and more generalized form of legal delegation because it usually involves thecare and maintenance of a living person and covers an unknown set of future circumstances over an unknowable period of time. as a result, the attorney is given myuch more flexible pwers than those involved with an executorship. These powers are focused more upon securing certain outcomes intended by the client for the best inerests of the person, rather providing a precise and detailed list of instructions. Because the future is undertain, no one can know exactly what powers will be required. the client and the attorney just operate almost as partners in a join venture to ensure that a thoughtful plan is in place so that there is a reasonable likelihood of achieving the desired outcome.