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Grantor Retained Income Trust |
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Grantor Retained Income Trust (GRIT) A tax-saving trust in which a grantor transfers property to a beneficiary, but receives income until termination, at which time the beneficiary begins receiving the income. |
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Transfers to trusts include the most popular-the qualified personal residence grantor retained income trust (GRIT). In 1985, the O'Reillys donated 20 shares of stock in their closely held corporation to various grantor retained income trusts with terms of two to four years. Qualified personal residence grantor retained income trusts (residence GRITs) are perhaps the most universally applicable and attractive gift planning device currently available for clients. |
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