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GATT

See General Agreement on Tariffs and Trade.





General Agreement on Tariffs and Trade (GATT)

A comprehensive free-trade treaty signed in 1947 by 117 nations, including almost every developed country. The goal of GATT has been to promote global economic growth by encouraging and regulating world trade. Among other things, member countries are required to treat all other member countries equally in the application of import and export tariffs, offer basic copyright protection to authors from member countries, consult with each other about trade matters and attempt to resolve differences in a peaceful manner. GATT created an international regulatory body known as the World Trade Organization (WTO) to enforce compliance with the agreement.





general damages

See damages.





general partner

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.





general power of attorney

See power of attorney.





generation-skipping transfer tax

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.





generation-skipping trust

A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income from the trust. Because the children (the middle generation) never legally own the property, it isn't subject to estate tax at their death. See generation-skipping transfer tax.





generic mark

In trademark law, a word or symbol commonly used to describe an entire type of product or service rather than to distinguish one product or service from another. An example is "raisin bran", used by several manufacturers of breakfast cereals to describe their products. Generic marks never receive protection because they don't serve the basic function of marks, which is to distinguish goods and services in the marketplace.





genericide

Loss of trademark protection that occurs when a specific brand name becomes identified with the entire type of product or service. For example, Xerox was in danger of losing the trademark on its name when "to Xerox" something was equivalent to copying it.





gift taxes

Federal taxes assessed on any gift, or combination of gifts, from one person to another that exceeds $12,000 in one year. Several kinds of gifts are exempt form this tax: gifts to tax-exempt charities, gifts to your spouse (limited to $120,000 annually if the recipient isn't a U.S. citizen) and gifts made for tuition or medical bills. In addition to the annual gift tax exclusion, there is a $1 million cumulative tax exemption for gifts. In other words, you can give away a total of $1 million during your lifetime -- over and above the gifts you give using the annual exclusion -- without paying gift taxes.





golden rule argument

During a jury trial, an attempt to persuade the jurors to put themselves in the place of the victim or the injured person and deliver the verdict that they would wish to receive if they were in that person's position. For example, if the plaintiff in a personal injury case has suffered severe scarring, the plaintiff's lawyer might ask the jury to come back with the verdict they themselves would want to receive had they been disfigured in such a manner. As a rule, judges frown upon this type of argument, because jurors are supposed to consider the facts of a case in an objective manner.





goods & chattels

See personal property.





grace period

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.





grand jury

In criminal cases, a group that decides whether there is enough evidence to justify an indictment (formal charges) and a trial. A grand jury indictment is the first step, after arrest, in any formal prosecution of a felony.





grandfather clause

A provision in a new law that limits its application to people who are new to the system; people already in the system are exempt from the new regulation. For example, when Washington, D.C. raised its drinking age from 18 to 21, people between those ages, who could drink under the old law, were allowed to retain the right to legally consume alcohol under a grandfather clause.





grant deed

A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed.





grantor

Someone who creates a trust. Also called a trustor or settlor.





grantor retained income trust

Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for a period of years. When the trust ends, the property goes to the final beneficiaries you"ve named. These trusts are for people who have enough wealth to feel comfortable giving away a substantial hunk of property. They come in three flavors: Grantor-Retained Annuity Trusts (GRATs), Grantor-Retained Unitrusts (GRUTs) and Grantor-Retained Income Trusts (GRITs).





gravamen

The essential element of a lawsuit. For example, the gravamen of a lawsuit involving a car accident might be the careless driving of the defendant.





green card

The well-known term for an Alien Registration Receipt Card. This plastic photo identification card is given to individuals who are legal permanent residents of the United States. It serves as a U.S. entry document in place of a visa, enabling permanent residents to return to the United States after temporary absences. The key characteristic of a green card is that it allows the holder to live permanently in the United States. Unless you abandon your residence or violate certain criminal or immigration laws, your green card can never be taken away. Possession of a green card also allows you to work in the United States legally. Those who hold green cards for a certain length of time may eventually apply for U.S. citizenship. Green cards have an expiration date of ten years from issuance. This does not mean that your permanent resident status expires. You must simply apply for a new card.





greenmail

A situation in which a person or entity buys enough stock in a company to threaten a hostile takeover. The person or entity can greenmail the victim company into buying back its stock at a higher price in order to avoid the takeover.





gross estate

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.





gross lease

A commercial real estate lease in which the tenant pays a fixed amount of rent per month or year, regardless of the landlord's operating costs, such as maintenance, taxes and insurance. A gross lease closely resembles the typical residential lease. The tenant may agree to a "gross lease with stops", meaning that the tenant will pitch in if the landlord's operating costs rise above a certain level. In real estate lingo, the point when the tenant starts to contribute is called the "stop level", because that’s where the landlord’s share of the costs stops.





grounds for divorce

Legal reasons for requesting a divorce. All states require a spouse who files for divorce to state the grounds, court and whether requesting a fault divorce or a no-fault divorce.





group life or group health insurance

A single policy under which individuals in a group--for example, employees--and their dependents are covered.







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