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Three types of trusts in which the grantor retains income rights are especially useful: Grantor Retained Income Trust ("GRIT"), Grantor Retained Annuity Trust ("GRAT"), and Grantor Retained Unitrust ("GRUT").
Recent tax law changes have all but eliminated the grantor retained income trust (GRIT) as an effective estate planning vehicle.
In Letter Ruling 9340052,(20) prior to his death, the decedent established a grantor retained income trust (GRIT) in which he retained an income interest for six years.