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LSDefine

Simple English definitions for legal terms

GRUT

Read a random definition: income

A quick definition of GRUT:

A guarantee is a promise that something will be done or provided. It can also be something given as security to make sure that a promise is kept. For example, if you buy a toy and it breaks, the store might guarantee to fix it or give you a new one. When someone guarantees something, they are making a commitment to make sure it happens.

A more thorough explanation:

Definition: GRUT stands for Grantor-Retained Unitrust. It is a type of trust where the grantor (the person who creates the trust) retains the right to receive income from the trust for a certain period of time. After that time, the remaining assets in the trust are distributed to the beneficiaries.

Definition: GSA stands for General Services Administration. It is a government agency responsible for managing and supporting the basic functioning of federal agencies, including managing federal buildings and supplies.

Definition: GST Supertrust is a type of trust that is designed to last for multiple generations. It is also known as a dynasty trust. The assets in the trust are not subject to estate taxes when they are passed down to future generations.

Example: John creates a GRUT and retains the right to receive income from the trust for 10 years. After 10 years, the remaining assets in the trust are distributed to his children. This allows John to receive income from the trust during his lifetime while also ensuring that his children will receive the remaining assets.

Example: The GSA is responsible for managing federal buildings and supplies, such as office furniture and vehicles. This helps ensure that federal agencies have the resources they need to carry out their work.

Example: Sarah creates a GST Supertrust and funds it with $10 million. The trust is designed to last for multiple generations, and the assets in the trust are not subject to estate taxes when they are passed down to future generations. This allows Sarah's family to benefit from the trust for many years to come.

These examples illustrate the definitions by showing how each term is used in a specific context. The examples help to clarify the meaning of each term and make it easier to understand.

Grundy Tariff | guarantee clause

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WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
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