A grantor retained income trust (GRIT) is an irrevocable trust in which the Grantor transfers assets to the trust and the Grantor keeps an interest, such as the income of the property for a specified term. At the expiration of this specified term, the assets are distributed to the Grantor’s beneficiaries. In the event the grantor survives the specified term, she/he will benefit from substantial savings in estate and gift taxes. In the event the grantor dies before the specified term expires, the value of the assets of the trust are included in the grantor's taxable estate.

Estate Tax Faces Its Own Life-and-Death Struggle

"Parties are at odds on how to deal with a levy set to disappear entirely in 2010 before being resurrected at full pre-Bush level..."
www.WSJ.com

Commercial Real Estate’s $1 Trillion Time Bomb

"According to analysts at Deutsche Bank AG, as property value declines and scarce credit continue to drive commercial property developers and investors into default, total lifetime losses on banks' $1 trillion 'core' commercial-mortgage holdings..."
www.WSJ.com

Debate Over Estate Tax Likely to Wait Till 2010

"A split among Democrats and a busy fall agenda is likely to have lawmakers hold off this year on debating the future of the estate tax, even though it expires at the end of the year..."
www.TheHill.com