Glossary Archive

A Grantor Retained Unitrust (GRUT) is a type of trust that allows the grantor (the person who establishes the trust) to retain a portion of the trust assets while transferring the remainder to beneficiaries. This trust provides a unique combination of income retention and tax benefits, making it a popular estate planning tool. In a...

The Grantor Trust Rules refer to specific provisions in the Internal Revenue Code (IRC) that outline how income generated by a grantor trust is treated for tax purposes. A grantor trust is a trust where the grantor retains certain powers or ownership benefits, leading to the trust's income being taxed to the grantor rather than...

The Grantor’s Reserved Rights refer to the specific powers or privileges that a grantor retains over property transferred into a trust or to another party. This concept is particularly relevant in estate planning and trust law, as it allows the grantor to maintain a level of control or benefit from the property after its transfer....

Green Lease Agreement A Green Lease Agreement is a lease that incorporates specific provisions aimed at promoting environmentally sustainable practices between landlords and tenants. These agreements facilitate the efficient use of energy and resources, reduce waste, and encourage the overall sustainability of the leased premises. Overview: Traditional lease agreements primarily address the financial and legal...

Ground Lease Agreement A Ground Lease Agreement is a long-term lease arrangement in which a landowner (lessor) leases land to a tenant (lessee) for the purpose of developing and using the property. This type of lease typically lasts for several decades, often ranging from 30 to 99 years, and is commonly used in commercial real...

Ground Rent Escalation Clause A Ground Rent Escalation Clause is a provision included in a ground lease agreement that allows the landlord to increase the ground rent at specified intervals or under certain conditions. This clause is designed to protect the landlord's investment against inflation or changing market conditions by ensuring that the rental income...

Guarantor Obligations Agreement A Guarantor Obligations Agreement is a legal contract in which a third party, known as the guarantor, agrees to fulfill the obligations of a borrower or another party in the event of default. This type of agreement ensures that the lender or creditor will receive payment or compliance even if the primary...

Guaranty of Lease Obligations A Guaranty of Lease Obligations is a legal commitment made by a third party, known as the guarantor, to fulfill the obligations of a tenant under a lease agreement should the tenant fail to do so. This arrangement provides landlords with additional security when renting property, ensuring that they can recover...

A Guardian Ad Litem is a legal term referring to an individual appointed by the court to represent the best interests of a minor or an incapacitated person during legal proceedings. This role is primarily associated with cases involving child custody, abuse, neglect, or any matters where the individual may not be able to advocate...

A guardian appointment confirmation is a legal document that formally acknowledges the designation of a guardian for a minor child or an incapacitated adult. This confirmation is typically issued by a court following a petition for guardianship, which outlines the need for a guardian due to the individual’s inability to care for themselves or manage...