On the form of securities transfers of property levy estate or gift tax.

对以证券形式转让的财产征收遗产税或赠与税。

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When the GRAT's term ends, the asset goes to the beneficiaries free of gift or estate tax on the appreciation, even though it has been transferred.

WSJ: Family Value: New Hazards for Estate Plans

Which is cheaper for megamillion-dollar transfers, gift tax or estate tax?

FORBES: A Gift From The IRS

If the value of the assets in the trust (say Wal-Mart ( WMT - news - people ) stock) grows at more than 3.2% a year, the children or other trust beneficiaries get that excess appreciation, free of estate and gift tax.

FORBES: How The Tax Compromise Might Affect Estate Planning