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Simple English definitions for legal terms

GRIT

Read a random definition: tax list

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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MRS CLITTERUS
JumpySubsequentDolphin
17:17
I’ve barely gotten through chromakopia I can’t deal with another album drop rn
JumpySubsequentDolphin
17:17
this is so stressful
wait but actually is there no wave today
i dont really like chromakopia that much i also havent gotten thru it
JumpySubsequentDolphin
17:18
idk splitty :(
if there's no gtown today that would be so cruel
surely gtown 12 minutes from now
I'm a chromokopia fan, but I don't like Tyler outside of that album
theres the spirit!!
JumpySubsequentDolphin
17:18
@SplitterusClitterus: did you like cmiygl? that’s one of my all time fave albums
Kind of a controversial take. I like experimental albums a lot
babycat
17:19
liking chromakopia and not Tyler's other stuff is crazy to me
JumpySubsequentDolphin
17:19
perhaps im biased bc i saw him live when he performed cmiygl for the first time
i think it is a controverisal take and i usually do too, i also think im giving an opinion too early cuz i habvent finished it at all
yeah seeing him live prob makes it a million times better
Thought I was dead is great raps
2024 such a great year for rap
JumpySubsequentDolphin
17:21
i like noid
even outside the beef. Noid is great too
JumpySubsequentDolphin
17:22
boogies album was the worst ever
JumpySubsequentDolphin
17:22
and i LOVE boogie
JumpySubsequentDolphin
17:23
like i would do anything for one chance w that man but better off alone and me vs myself were both not good
He's never really been my style tbh
shaquilleoatmeal
17:43
went to eat - did anyone guess the bowl lmao
shaquilleoatmeal
17:43
ooo yall were too busy with that kendrick shit
shaquilleoatmeal
17:45
put me on - whats the first song on the album thats heat
babycat
17:45
I don’t know sweetgreen like that because I’m not part of the PMC. your legs looked super tan though
hey now is my favorite
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