grantor retained income trust
- A type of trust that cannot be changed, where the person who establishes the trust keeps the right to the trust's income for a set time period or until their death, after which the assets of the trust pass on to the chosen beneficiary
- In order to reduce future estate tax liability, they decided to establish a grantor retained income trust for their heirs.
- The tax professional advised her to create a grantor retained income trust so that she could still receive income while minimizing the estate taxes.
- In the will, it was mentioned that upon his death, the assets of the grantor retained income trust would transfer to the designated beneficiary.
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