Much of life follows the 80/20 rule. Also known as the Pareto Principle (named for the Italian economist who devised it), this formula calculates that 20% of your conversations are responsible for 80% of the profitability of the relationship. That holds true whether it’s business or personal.

“Sonny, it’s business. Not personal.”

Most of us remember The Godfather and that classic piece of counsel from Tom Hagen to the hot-headed Sonny. While separating “business” from “personal” may have been a worthy approach for the Corleones, estate planning professionals know otherwise.

The generation-skipping transfer tax (GSTT) often impedes clients who wish to leave assets to their grandchildren. The GSTT is the IRS’s way of ensuring such gifts—as well as the grandparent’s estate—do not escape taxation.