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LSDefine

Simple English definitions for legal terms

GRIT

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A quick definition of GRIT:

GRIT: A type of trust called Grantor-Retained Income Trust. It allows the person creating the trust (the grantor) to receive income from the trust for a certain period of time, while also transferring assets to the trust for the benefit of their beneficiaries.

A more thorough explanation:

Definition: GRIT stands for Grantor-Retained Income Trust. It is a type of trust that allows the grantor (the person who creates the trust) to receive income from the trust for a certain period of time, after which the remaining assets are transferred to the beneficiaries.

Example: Let's say John creates a GRIT and transfers $1 million worth of assets into the trust. He specifies that he wants to receive income from the trust for the next 10 years. During this time, the trust generates income from the assets, which is paid out to John. After 10 years, the remaining assets in the trust are transferred to John's children as beneficiaries.

Explanation: This example illustrates how a GRIT works in practice. John is able to receive income from the trust for a set period of time, while also being able to transfer assets to his children as beneficiaries. This can be a useful estate planning tool for individuals who want to transfer assets to their heirs while also retaining some income from those assets during their lifetime.

grift | GRM

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18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
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