Grantor Retained Annuity Trust
The grantor retained annuity trust (also known as the GRAT) is an irrevocable
trust.   The grantor transfers assets into the trust and retains a fixed income for
a fixed number of years.  At the end, the principal passes to a non-charitable
beneficiary.   

This trust is useful to save federal estate taxes and to protect assets from the
public scrutiny of probate.
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