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 ?
It's also difficult to get a grit to coincide with another authority, but we work with all neighbouring councils, particularly Oldham, as it's a primary route and if our gritter arrived at the exact time as theirs it (the video and photos) would show something different.
When my tires aren't burning up the interstates between Mississippi and Louisiana, I am heading to my new second home "up north" to deliver grits to Midwesterners who have caught on to the tastes of a truly Southern tradition.
A light-colored, open-pored wood, ash can be sanded to an exceptional finish using grit 150 or 180 as the final sanding grit.
The spouses may choose to set up one GRIT for each spouse, a joint GRIT, or if one spouse is much younger or healthier, or has a family history of longevity, they could have the other spouse transfer his interest to the young/healthy spouse before the transfer of the residence to the GRIT.
Clr Bill Armer, Kirkburton Conservative, asked for extra grit bins for estates on hills and Clr Steve Hall replied that if an estate has a group of residents willing, the council can have grit dropped off if residents spread it.
Bland when served alone, grits take on the flavor of their accompaniments.
I found the address for GRIT today, 30 years later.
In the case of the grantor trust or a GRIT (assuming the grantor dies before the GRIT term expires), the trust will usually have the full two-year time period for transfer.
Newly created GRITs fall into two categories for federal transfer tax purposes:
Dozens of them across Huddersfield and Dewsbury turned out to grit streets and footpaths as day after day was greeted with snow and ice.
Quaker Grits, a delicious dish on tables throughout the south for over 100 years, sponsors the 21st Annual World Grits Festival and adds to the fun and excitement with longtime festival-favorite - "Roll in the Quaker Instant Grits Contest.