New Jersey Grantor Retained Annuity Trust
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How to fill out Grantor Retained Annuity Trust?
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FAQ
The Settlor may be the Trustee of the GRAT during the annuity term unless cer- tain voting stock is used to fund the GRAT.
Grantor retained annuity trusts (GRAT) are estate planning instruments in which a grantor locks assets in a trust from which they earn annual income. Upon expiry, the beneficiary receives the assets with minimal or no gift tax liability. GRATS are used by wealthy individuals to minimize tax liabilities.
Grantor Trust.Grantor trusts are required to file a New Jersey Gross Income Tax Fiduciary Return. If the grantor trust income is reportable by or taxable to the grantor for federal income tax purposes, it also is taxable to the grantor for New Jersey Income Tax purposes.
Most states but not all recognize the federal rules of grantor trust status for income tax purposes. Of note, Alabama, Tennessee, Pennsylvania, Louisiana, and the District of Columbia do not follow in all regards federal law with respect to grantor trust taxation.
The Settlor may be the Trustee of the GRAT during the annuity term unless cer- tain voting stock is used to fund the GRAT.
If the grantor dies during the GRAT term, the value of the remainder interest in the trust is included in the grantor's taxable estate under either section 2036 (retained income, possession, or enjoyment of property) or 2039 (retained right to receive annuity in transferred property).
Usually, the beneficiaries of a GRAT are the grantor's children or a trust for their benefit. If a trust is a beneficiary, the terms of the trust will determine when the beneficiaries receive distribution of the trust assets.
California, Georgia, Montana, North Carolina, North Dakota, and Tennessee tax a trust if it has one or more resident beneficiaries. Generally, only income attributable to the resident beneficiary is taxed by the state.
Typically, you'll name yourself as the "trustee" of your trust. This means that while you are alive, you retain control of the trust and its property. In your trust document, you will also name a "successor trustee" to take over and manage the trust (distribute your property) after you die.
Also, the creator of the GRAT can be his or her own trustee.
