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Generation-Skipping Transfer Tax: A flat 55 percent federal tax levied on any transfers (either during lifetime or at death) made to beneficiaries or others at least two generations below the transferor.

Gift Cheque: Gift Cheques are currency transaction instruments with an equivalent value as cash. They are used as a safe alternative to giving cash as a gift. They are accepted as cash at retail merchants, restaurants, and financial institutions worldwide. Unlike cash, they are replaceable when lost or stolen.

Gift Tax: A tax imposed on the right of an individual to transfer assets during his or her lifetime. Generally paid by the person making the gift, rather than the recipient.

Grantee: A person to whom property is being conveyed.

Grantor Trust: A trust over which a grantor retains enough control over a period of time that the property in the trust is considered to belong to him or her for income tax purposes.

Grantor: The individual who transfers property. Commonly used to describe an individual who establishes and transfers property to a trust.

Guaranteed Residual Value: A situation in which an agreed value is guaranteed by the lessee or a third party (such as the vendor). The guarantor in such a case would make up any deficiency between the agreed value and what was realized.

Guardian: An individual appointed by a court to manage the rights and/or property of a minor or person incapable of taking care of his or her affairs.