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。

youdao

But after that, such gifts become subject to a double layer of taxation the GST tax and either the estate tax or gift tax, which donors pay after their transfers exceed certain levels.

WSJ: Family Value: Last Chance to Foil a Gift Tax

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