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Simple English definitions for legal terms

GRAT

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A quick definition of GRAT:

Term: GRAT

Definition: A GRAT is an abbreviation for Grantor-Retained Annuity Trust. It is a type of trust where the person creating the trust (the grantor) retains the right to receive a fixed amount of money (an annuity) from the trust for a set number of years. After the annuity period ends, any remaining assets in the trust are passed on to the trust beneficiaries.

A more thorough explanation:

GRAT

GRAT stands for Grantor-Retained Annuity Trust. It is a type of trust that allows the grantor (the person who creates the trust) to transfer assets to the trust while still receiving a fixed income from those assets for a set period of time. After that time period, the remaining assets in the trust are transferred to the beneficiaries.

For example, let's say John wants to transfer some of his assets to his children but still wants to receive income from those assets for the next 10 years. He creates a GRAT and transfers the assets to the trust. The trust then pays John a fixed income for the next 10 years. After that time period, the remaining assets in the trust are transferred to John's children.

Another example is if Sarah wants to transfer some of her assets to her grandchildren but wants to avoid paying gift taxes. She creates a GRAT and transfers the assets to the trust. The trust then pays Sarah a fixed income for a set period of time. After that time period, the remaining assets in the trust are transferred to Sarah's grandchildren without incurring gift taxes.

These examples illustrate how a GRAT works by allowing the grantor to transfer assets to a trust while still receiving income from those assets for a set period of time. This can be useful for estate planning purposes, such as transferring assets to beneficiaries without incurring gift taxes or providing income for the grantor while still transferring assets to beneficiaries.

grassum | gratia curiae

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@BookLover125: they are so impressed with your application they are renaming the library after you before admitting you
Do you know not everyone says they were ED?
11:12
No they shouldn’t be bugging you this is stressful enough without them adding More. Do what u gotta do
11:13
Got jokes I see
triplethread
11:13
its sooo stressful and im not even done applying
Just apply and get the A lol
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
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