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Simple English definitions for legal terms

GRIT

Read a random definition: judgment as a matter of law

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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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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