Wealth Transfer Group
Encyclopedia
The Wealth Transfer Group is a consulting firm that provides estate planning services. They serve only clients with estates worth more than US$ 10,000,000.
In 2006, the Wealth Transfer Group sued former Aetna
CEO John W. Rowe
for infringement of a tax patent
. The patent, , entitled "Establishing and managing grantor retained annuity trusts funded by nonqualified stock options", covers WTG's SOGRAT (Stock Option Grantor Retained Annuity Trust
) system of minimizing gift tax
. The case has been settled for undisclosed terms.
The SOGRAT case is often cited both by those that favor tax patents as well as those that seek to have them banned.
On January 12, 2011, the director of the USPTO initiated a reexamination
of US patent 6,567,790. The reexamination serial number is 90/009,868.
In 2006, the Wealth Transfer Group sued former Aetna
Aetna
Aetna, Inc. is an American health insurance company, providing a range of traditional and consumer directed health care insurance products and related services, including medical, pharmaceutical, dental, behavioral health, group life, long-term care, and disability plans, and medical management...
CEO John W. Rowe
John W. Rowe
John Wallis Rowe is an American businessman and doctor, who served as Chairman and CEO of Aetna Inc., a large health insurance company based in Connecticut, a title he retired from in February 2006.-Columbia University:...
for infringement of a tax patent
Tax patent
A tax patent is a patent that discloses and claims a system or method for reducing or deferring taxes. Tax patents have been granted predominantly in the United States but can be granted in other countries as well. They are considered to be a form of business method patent. They are also called...
. The patent, , entitled "Establishing and managing grantor retained annuity trusts funded by nonqualified stock options", covers WTG's SOGRAT (Stock Option Grantor Retained Annuity Trust
Grantor Retained Annuity Trust
A grantor retained annuity trust , is a financial instrument commonly used in the United States to make large financial gifts to family members without paying a U.S. gift tax.-Basic Mechanism:...
) system of minimizing gift tax
Gift tax
A gift tax is a tax imposed on the gratuitous transfer of ownership of property. The United States Internal Revenue Service says a gift is "Any transfer to an individual, either directly or indirectly, where full consideration is not received in return."When a taxable gift in the form of cash,...
. The case has been settled for undisclosed terms.
The SOGRAT case is often cited both by those that favor tax patents as well as those that seek to have them banned.
On January 12, 2011, the director of the USPTO initiated a reexamination
Reexamination
In United States patent law, a reexamination is a process whereby a third party or inventor can have a patent reexamined by a patent examiner to verify that the subject matter it claims is patentable...
of US patent 6,567,790. The reexamination serial number is 90/009,868.