A grantor retained annuity trust (GRAT) is an irrevocable grantor trust you can use to make large financial gifts to your loved ones while also minimizing gift tax liability. These financial gifts remove future appreciation from your estate, reducing the amount that will be subject to estate tax at your death. However, gift tax liability could apply. In this case, the trust creator would pay at the onset. You create a GRAT and then fund it with accounts and property. People expect these to appreciate over the GRAT’s term. Then, you receive a fixed annuity payment, based on the trust’s original value, for a specified time. Once the period ends, the court transfers the remainder of the trust’s accounts and property to your named beneficiary.
Category Archives: Estate Administration
Assets, Estate Administration, Estate Attorney, Estate Planning, Trusts
Medical Equipment Left Behind
28
Jul
Jul
Unless someone carefully declutters throughout their entire lifetime, it is unlikely that they will die without possessions. What’s more, when someone struggles at the end of their life with an ailment or age-related decline, they may require certain medical items:
Assets, California Law, Celebrity Estates, Estate Administration, Estate Planning, Trusts
Celebrity Trust: Elvis Presley
02
Jun
Jun
Born in 1968 to Elvis and Priscilla Presley, Lisa Marie followed in the footsteps of her father as far as heart trouble. While her father died from a heart attack at the age of 42, she died due to heart problems nearly 46 years later, in January 2023.
14
Apr
Apr
Complex probate processes can be costly and take years to finalize, which is why many individuals retain an estate planning attorney to minimize probate proceedings.
03
Mar
Mar
Although starting a business is a significant achievement, small business owners cannot coast on past accomplishments. You must look to the future and plan next steps.
20
Jan
Jan
With very few exceptions, state law governs estate administration. So, each state follows unique laws and regulations regarding probate and distribution of a decedent’s assets.
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