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Related to grantor: grantor trust
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  • noun

Words related to grantor

a person who makes a grant in legal form

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It has long been the law of Florida that it is essential to the validity of a deed of land that there be a voluntary delivery of it by the grantor to the grantee or to someone on his behalf, and an acceptance thereof by him with the mutual intention of the parties to pass title to the land.
Such provisions will allow the grantor of the trust to retain certain powers.
The trust should contain automatic removal language that indicates if a successor trustee, who, at the time he is to become trustee, is an ineligible trustee in accordance with the provisions of the Gun Control Act, he is deemed to have predeceased the grantor. It is recommended that at least two qualifying successor trustees be named.
In a revocable trust, the grantor retains the right to revoke or amend the trust during his lifetime.
671-678, basically provides that if certain powers are present in a trust agreement, the grantor of the trust will include all of its income, expenses, and tax attributes on the grantor's personal tax return.
Note that the interest and dividends taxation of grantor trusts has not been changed.
The world of grantor trusts gives rise to a wide variety of options for the estate planner, including those grantor trusts labeled GRITs, GRATs, GRUTs, QPRTs, ILITs, and IDGTs.' Despite this vast array of acronyms grantor trusts can generally--and more simply--be defined as trusts wherein the grantor, rather than the trust itself, is taxed on the trust's income.
A grantor trust is a trust where the grantor has retained certain control over the trust.
Under current law, a grantor trust is a revocable or irrevocable trust where the grantor is treated as the owner of the trust, but is not considered separately from the trust for income tax purposes.
Although the grantor cannot change the beneficiaries of the ILIT, the trust agreement could give the grantor the right to cancel or modify a beneficiary's annual withdrawal rights.
The IRS issued final regulations providing guidance on the portion of property (held in trust or otherwise) includible in a grantor's gross estate if the grantor has retained the use of the property or the right to an annuity, unitrust, graduated retained interest or other payment from the property for life, for any period not ascertainable without reference to the grantor's death or for a period that does not in fact end before the grantor's death (T.D.
Although no one tool will work best in every situation, there is one tool which is used more often then not, this tool is called a Grantor Retained Annuity Trust (GRAT).
A qualified revocable trust is a trust that was treated as a grantor trust during the life of the decedent due to his power to revoke the trust (see Q 844).
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