Grantor Retained Unitrust (grut)

Definition of "Grantor retained unitrust (grut)"

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Irrevocable trust into which the grantor places assets and receives in turn a variable amount of income from a variable annuity (amount of income will vary yearly depending upon the increase or decrease in the value of the assets on deposit in the trust) for either a given number of years, or for the lesser of a given number of years, or until the grantor's death. When the term of the trust expires, assets in the trust to include any appreciation are distributed to the named remainder beneficiary (s). If the grantor is alive when the trust terminates, the assets and their appreciation within the trust are not included in the grantor's estate.

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