Estate Planning has its own vocabulary. To help you speak the language, we've created a glossary of the more commonly used words and phrases. This glossary is comprised of 26 individual pages, one for each letter of the alphabet. To find a particular word or phrase that starts with the letter "G" - simply scroll down the list below. If your word or phrase starts with another letter, please use the alphabet index below.
Generation-skipping Tax (GST)
Generation-skipping trustA "generation-skipping trust" is a trust that is designed specifically to hold the amount exempt from the generation-skipping tax. See "generation-skipping tax (GST)."
Gift Causa MortisThe term "gift causa mortis" refers to a gift made in contemplation of death. See the definition of "causa mortis."
Gifts causa mortis require donative intent, delivery, and acceptance, just as any other lifetime gift (see "inter-vivos gift"). However, a gift causa mortis must also be made in contemplation of death; i.e., the donor must believe that death is imminent. The distinguishing factor between a lifetime gift ("inter-vivos" gift) and a gift causa mortis is that a lifetime gift is unconditional and non-revocable, whereas a gift causa mortis is both conditional (the gift is conditioned upon the donor's death occuring imminently) and revocable (the gift may be revoked by the donor at any time prior to his imminent death).
For further explanation of a gift causa mortis, including a number of good examples that help to explain the concept of a gift causa mortis, please see Gifts (inter vivos and causa mortis) - material adopted from Gary W. Beyer, Professor of Law, Texas Tech University School of Law.
GrantorThe term "grantor" is often used to describe a person who establishes or creates a trust. See also the terms "donor," "settlor," and "trustor," which are used synonymously with the term "grantor."
GuardianA "guardian" is a person or entity that represents the interests of a minor or incompetent person. A natural guardian (i.e., a parent) is a guardian of his or her natural-born or adopted children as a matter of law. When the natural guardian is not able to act as such, then the court may appoint a guardian. A guardian is a fiduciary.
Guardian ad litem