Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

• Generation skipping trust: estate tax saving trust which leaves the principal in trust for grandchildren with one’s children receiving only the trust income.
  
  
• Gifts: for estate planning purposes, any property given to a person or organization during your life, or left by will or living trust after your death.
  
  
• Gift taxes: taxes assessed by the government on gifts made during your lifetime.
  
  
• Grantee: on a deed, the person who is receiving title to the property.
  
  
• Grantor: person who establishes a trust. Synonyms include settler and trustor. On a deed, the person who is transferring title to someone else.
  
  
• Grantor retained income trusts: trusts in which the grantor retains some interest in the trust property during his life rather than relinquishing all interest to the money or property.
  
  
• Guardian of the minor’s property: also called a property guardian or financial guardian. The guardian cares for your minor child’s property which isn’t part of a minor’s trust or other legal vehicle.