Grantor Trusts Sample Withholding
Description
How to fill out Grantor Retained Income Trust With Division Into Trusts For Issue After Term Of Years?
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FAQ
In such a case, a GRAT may be used to freeze the value of their estate by shifting a portion or all of the appreciation onto their heirs. For example, if a person had an asset worth $10 million but expected it to grow to $12 million over the next two years, they could transfer the difference to their children tax-free.
A simple example can illustrate the power of this fea- ture. Assuming that a grantor trust receives interest income of $100,000 in a given calendar year, the grantor trust status would cause all such income to flow through to and be reported on the grantor's personal income tax return.
A GRAT is a type of trust that consists of two distinct terms: (i) a term of years (the GRAT term) during which the grantor of the GRAT receives an annuity payment based on the IRS rate in effect during the month the GRAT is funded and the fair market value of the assets used to fund the GRAT, and (ii) the remainder ...
In terms of taxation, the lack of control means that a non grantor trust is treated as a separate tax entity. The trust itself is required to pay taxes on any income that's received and file a tax return using a tax identification number.
A grantor retained interest trust is a trust where a grantor makes an irrevocable transfer of assets but reserves the right to receive income from or enjoyment of those assets for a period of years. When the trust terminates, the assets are passed on to others.