G

G

Grantor.

GAA

General Accredited Appraiser of the National Association of Realtors.

GAAP

Generally Accepted Accounting Principles.

GAL

Guardian Ad Litem.

GAMA

General Agents and Managers Association.

Gatekeeper Model

A model of HMO and PPO organizations that uses the insured’s primary care physician (the gatekeeper) as the initial contact for the patient’s medical care and for referrals.  In a gatekeeper PPO, the subscriber selects their primary care physician.  Normally gatekeepers (Primary Care Physicians) are associated with HMOs.

GAV

Guaranteed Account Value.

GC

Grand Child.  Guardianship or Conservatorship.

GC-335

Form in Guardianship or Conservatorship matters declaring capacity in a conservatorship.

GC-335A

Form in Guardianship or Conservatorship matters declaring capacity in a conservatorship, dementia attachment.

GCA

Gun Control Act of 1968.

GCM

Geriatric Care Manager.

GDOT

Grantor Deemed Owner Trust.

General Bequest

Is one of an unparticular fungible asset, such as “50 shares of XYZ stock” or “a pecuniary amount equal to the smallest sum needed to reduce my estate taxes to zero.”  Compare Specific, Demonstrative, and Residuary Bequests.

General Devise

Contrasted with specific and residuary devises for purposes of ademption and abatement.

General Power

Permits the powerholder to appoint in favor of any one or more of: the powerholder, the powerholder’s estate, or credir’s of either.  Additional appointees are permissible but do not change the classification of the power.  See too Nongeneral, Limited, Special Power of Appointment.

Generation Skipping Transfer Tax

Congress enacted the generation-skipping transfer tax (GSTT) which applies to transfers to “skip persons”, whether made during life or at death. “Skip persons” are grandchildren and lower generations. The GSTT is a one-rate tax equal to the highest applicable estate tax rate (shown in the table beneath “Gift Tax” entry), and it applies in addition to any applicable gift or estate tax. Estate taxes paid are deducted before computing the GSTT, but combination of the estate tax and the GSTT can result in a combined rate of over 70%. Each donor or decedent has a $5 million GST exemption (for 2011 and 2012), which can be used for transfers either during life or at death. The GST exemption applies to the transferor (donor or decedent) regardless of the number of skip persons to whom the transfers are made. Since 2004, the GST exemption has been the same as the “applicable exclusion” for estate tax purposes.

Generation Skipping Transfer Tax Exemption

2009 Each person has an exemption of $3,500,000.

2010 Tax repealed, no exemption required.

2011 Each person has an exemption of $5,000,000.

2012 Each person has an exemption of $5,000,000.

Generation-Skipping Trust

A trust that is designed to provide benefits for two or more successive generations after that of the grantor without being exposed to estate tax from generation to generation, and as well to avoid the generation-skipping transfer tax (GST) imposed when a person attempts to provide for someone two or more generations younger than himself.  The younger generations may but need not be lineal descendants of the settlor/grantor.  There is a $1 million per grantor GST exemption.  See Dynasty Trust and Rule Against Perpetuities.

GEP

General Enrollment Period.

GGC

Great Grandchild.

Gift

Property passed or given to another for a return of something of substantially less market value, while donor is still alive.  The act of making such a transfer.

Gift Causa Mortis

Concept which applied special rules to gifts made by individuals who were contemplating imminent death at the time the gift was made.

Gift Tax

A donor can give assets with unlimited values to spouses who are U.S. citizens and to qualified charities. In 2011, gifts totaling up to $13,000 can be made to any number of individuals in each calendar year. “Taxable gifts” are all gifts other than those that qualify for the (a) marital deduction, (b) charitable deduction, or (c) $13,000 annual exclusion; however, no out-of-pocket gift tax has to be paid until a donor’s cumulative lifetime gifts exceed the “applicable exclusion” (explained below) that is available for gift and estate tax purposes. After the applicable exclusion amount has been exceeded, the federal gift tax rate is 35% (during 2011 and 2012. The gift tax is paid by the donor out of assets remaining after the gift, so the tax itself is not included in the computation of the tax.

Gift Tax Applicable Exclusion

The amount of cash or property an individual can transfer without paying gift taxes.

Gift Tax Exemption (Exclusion)

$1 Million.  The amount of a gift that is not subject to a gift tax, usually measured or allowed on an annual basis.

GINA

Genetic Information Nondiscrimination Act.

GIR

Guaranteed Insurability Rider.

GLB

Guaranteed Living Benefit.

GLBA

Graham-Leach-Bliley Act of 1999.

GLBTQ

Gay-Lesbian-Bisexual-Transgender-Queer.

GLIR

Guaranteed Lifetime Income Rider.

GMAB

Guaranteed Minimum Accumulation Benefits.

GMDB

Guaranteed Minimum Death Benefit.

GMIB

Guaranteed Minimum Income Benefits.

GMWB

Guaranteed Minimum Withdrawal Benefits.

GP

General Partnership.

GPA

General Power-of-Appointment.

GPAF

Guaranteed Payout Annuity Floors.

GPOA

General Power Of Appointment.

Grace Period

The period of time after an insurance premium is due but not paid during which coverage remains in effect as long as the premium is paid by the end of the grace period.

Under the Uniform Policy Provision law, the grace period is: 7 days for a weekly policy, 10 days for a monthly policy, and 31 days for all other modes (quarterly, semi-annual, and annual).  This is one of the mandatory policy provisions.

Grantor

Person who creates a trust.  Also known as the trustor or settlor.

Grantor Retained Annuity Trust

An irrevocable trust for a specified term of years, during which the grantor will receive a specified annual sum (an annuity) and after which the remaining trust assets belong to the remainder beneficiaries, outside the grantor’s estate.

Grantor Retained Interest Trust

An irrevocable trust that allows the trustmaker (the grantor) to make gifts of property while retaining the property’s use and enjoyment or retaining an income interest in the property for a term of years, after which the balance of the trust assets pass to the remainder beneficiaries designated in the trust.

Grantor Trust

A trust in which the grantor (trustor, settlor) has reserved certain powers over the trust which causes the grantor to be treated as the owner of the trust assets for federal income tax purposes.  All revocable inter vivos trusts are grantor trusts.

GRAT

Grantor Retained Annuity Trust.

GRIT

Grantor Retained Interest Trust.

Gross Estate

The total value of all property of a decedent owned at the time of death, without regard to any debts or liens against such property.  It is the size of the gross estate which helps the courts determine the size of the attorney’s fees.

Gross Receipts Tax

State tax on business gross receipts.  In California, gross receipts is defined as the gross amounts realized (the sum of money and the fair market value of other property or services received) on the sale or exchange of property, the performance of services, or the use of property or capital (including rents, royalties, interest, and dividends) in a transaction that produces business income, in which the income, gain, or loss is recognized (or would be recognized if the transaction were in the United States) under the Internal Revenue Code, as applicable for purposes of this part. Amounts realized on the sale or exchange of property shall not be reduced by the cost of goods sold or the basis of property sold.  See California Revenue and Taxation Code §25120.

GRUT

Grantor Retained UniTrust.

GST

Generation-Skipping Transfer Tax.  See IRC §§2601-2664.

GST Exemption

GSTT

Generation-Skipping Transfer Tax.

Guaranteed Renewable

Once issued the insurance policy cannot be cancelled, non-renewed, or terms changed by the insurer until a specified age, usually 65 in disability income policies.

Guardian

Person appointed by the court who has responsibility for the physical care of another.

Guardian Ad Litem

A person appointed to represent a minor or other incompetent person in litigation.

Guardianship

A legal guardian is a person who has the legal authority (and the corresponding duty) to care for the personal and property interests of another person, called a ward. Usually, a person has the status of guardian because the ward is incapable of caring for.

Guardianship and Protective Proceedings Act

See Uniform Guardianship and Protective Proceedings Act.