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Termination of Grantor Retained Annuity Trust in Favor of Existing...

Annuity Trust

Name: Termination of Grantor Retained Annuity Trust in Favor of Existing Life Insurance Trust
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.76 (361 reviews)

Category:

Trusts - Irrevocable

State:

Multi-State

Control #:

US-0679BG

Format:

Instant download

Description Annuity Trust Document

Grantor Retained Annuity Trust or GRAT refers to an irrevocable trust into which the grantor transfers property in exchange for the right to receive fixed payments at least annually, based on original fair market value of the property transferred. At the

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Termination Retained Trust Other Form Names

Termination Grantor Life Termination Grantor Contract Termination Grantor Agreement Termination Favor Application Termination Favor Grantor Retained Life Grantor Retained Annuity Trusts

Grantor Interest Name FAQ

At the end of the initial term retained by the Grantor, if the Grantor is still living, the remainder beneficiaries (or a trust to be administered for the benefit of the remainder beneficiaries) receive $100,0000 plus all capital growth (which is the amount over and above the net income that was paid to the Grantor).

A grantor retained income trust (GRIT) is a specific type of trust that allows you to transfer assets while still benefiting from the income they generate. This is a little more advanced than a typical revocable living trust, but establishing a GRIT could yield some advantages.

There should be no gift tax consequences upon the termination of the GRAT.If the grantor dies during the term of the GRAT and has the right to receive further annuity payments, a portion of the GRAT will be included in the grantor's gross estate for federal estate tax purposes.

Interest in a closely or family-held business, including S corporation stock, may be placed in a GRAT. The Settlor may be the Trustee of the GRAT during the annuity term unless cer- tain voting stock is used to fund the GRAT.

The annuity amount is paid to the grantor during the term of the GRAT, and any property remaining in the trust at the end of the GRAT term passes to the beneficiaries with no further gift tax consequences.If the grantor lives out the term, the remainder passes to the beneficiaries without any additional transfer tax.

Trust Basics The trustee may be the grantor. The grantor designates the beneficiaries who are to benefit from the trust and receive its income and principal. Certain trusts allow the grantor to be both the trustee and the beneficiary.

What is a GRAT and why is it advantageous now? A grantor retained annuity trust, better known as a GRAT, is an irrevocable trust that pays an annuity amount to the grantor for a set period of years, after which the remainder passes to or for the benefit of children or others.

Understanding Grantor Retained Annuity Trusts (GRAT) A grantor retained annuity trust is a type of irrevocable gifting trust that allows a grantor or trustmaker to potentially pass a significant amount of wealth to the next generation with little or no gift tax cost.

Annuity Trust

Description Annuity Trust Document

Grantor Retained Annuity Related forms

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Trust Grantor Date Form Rating

Termination Trust Insurance Form popularity

Termination Retained Trust Other Form Names

Grantor Interest Name FAQ

What happens at the end of the term established for a grantor retained income trust?

What is a grantor retained income trust?

Are annuity payments from a grat taxable?

Can the grantor be the trustee of a grat?

What happens when a grat terminates?

Can the grantor of an irrevocable trust also be the trustee?

Are grats irrevocable?

Is a Grantor Retained Annuity Trust irrevocable?

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