A Wisconsin Granter Retained Annuity Trust (GREAT) is a legal arrangement utilized for estate planning purposes. It is designed to transfer assets to beneficiaries while minimizing estate and gift taxes. In a Wisconsin GREAT, the granter transfers assets into the trust, retaining the right to receive annual annuity payments for a specified period. At the end of this term, the remaining assets of the trust pass to the designated beneficiaries, typically family members or charity organizations. By creating a GREAT, the granter can take advantage of tax benefits while still maintaining some control over the assets during their lifetime. There are several types of Wisconsin Granter Retained Annuity Trusts, including the GREAT with a fixed annuity and the GREAT with a declining annuity. In a fixed annuity GREAT, the granter receives a fixed annual payment, while in a declining annuity GREAT, the annuity payment decreases each year. Furthermore, another option is the Wisconsin GREAT with a "zeroed out" remainder. This means that the annuity payments are set at a level that virtually eliminates any potential gift taxes while ensuring that the remaining assets are transferred to beneficiaries upon the trust's termination. Benefits of establishing a Wisconsin GREAT include potential estate tax savings, asset protection, and the ability to transfer wealth to future generations. However, it is essential to consult with an experienced estate planning attorney or financial advisor to understand the potential risks and suitability of a Wisconsin GREAT in individual circumstances. In summary, a Wisconsin Granter Retained Annuity Trust is an estate planning tool that allows the granter to transfer assets to beneficiaries while minimizing tax implications. Different types of Wisconsin Grants include the fixed annuity GREAT, declining annuity GREAT, and the zeroed-out GREAT. Seeking professional advice is crucial to determine the appropriateness of these trusts and ensure compliance with legal requirements.
Wisconsin Grantor Retained Annuity Trust
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