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.

Grantor Retained Income Trust

A trust in which the grantor places some assets for the beneficiary, but retains the right to receive income from those assets up to a certain point, at which time the beneficiary begins to receive the income. This allows the beneficiary to receive income from the trust without being subject to the estate tax. A disadvantage is the possibility that the grantor will die before the expiration of the trust, which results in the assets transferring to the grantor's estate. In that case, the beneficiary does not receive anything. It is also called a grantor retained annuity trust.
References in periodicals archive ?
Meanwhile, 2,500 salt will be filled with grit help people clear the around their homes.
Coun Alden was referring to the decision taken by the Labour council a decade ago when 500 grit bins were removed.
Birmingham says the city entered the cold spell last month with a higher than average stock of grit - 7,000 tonnes - stored under its salt dome.
If we had grit bins we could do the pavements for the old people who can't get out.
A Network Rail spokeswoman said: "We have an agreement with the Highways Agency not to grit the level-crossing, only the approach to the station.
In its press releases the council has taken care not to raise expectations: "Roads around the city centre are running pretty well and staff are doing what they can to clear and grit footpaths in the city centre in an effort to maintain as close to business as usual for one of the busiest shopping days of the year.
Highways manager Andy Barr's email to Cllr Radford stated: "I can advise that we have had a large number of requests for additional grit bins since the current cold snap has been with us and we are just in the process of collating the overall number of requests and these will be assessed and placed into priority order shortly.
This grit is itself becoming a road hazard--especially at corners and bends--as any car straying for whatever reason onto the layer of grit loses grip and traction.
One said "If they haven't got enough to grit the roads for the binmen I can't believe they can go around doing private factories.
As a Southerner, I'm tired of people making or giving grits a bad name [Post Scripts, July/August 2008], and if that wasn't enough, this guy Gerald Bosacker also insulted waitresses all over the South.
Grit is steeped in a 126-year-old tradition that places it in a unique position to serve the nearly 30 million households in the broader demographic.
Before startup, wipe off the rods to remove any grit or sand that has settled on the rods.