There are numerous triggers for private fund founders to avoid when transferring carried interest as part of their estate-planning efforts. Even when a structure is optimized under the Internal Revenue Code (Code), there are still valuation issues associated with the indefinite worth of carried interest and other potential wrinkles (e.g., retaining an annuity on transferred interests). Strafford CLE Webinars sponsored a recent webinar, featuring Withersworldwide partner Marissa Dungey, Stout Risius Ross managing director Shishir R. Khetan and Loeb & Loeb partner Cristine M. Sapers, that covered these matters and others associated with handling carried interest as part of estate planning. This final article in a three-part series explains certain features of grantor-retained annuity trust planning, as well as how carried interest can be gifted as part of estate planning without running afoul of valuation rules. The first article outlined provisions of the Code that warrant the most attention if carried interest is part of one’s estate planning, and the second article suggested some approaches to complying with those sections of the Code. See “What Private Fund Managers Need to Know About Year-End Tax Mitigating Strategies” (Dec. 18, 2014); and “Simple Goals in a Complex World: Estate Planning for Private Fund Interests” (Mar. 18, 2010).