A ________ is a special type of irrevocable trust and has become one of the most popular tools for entrepreneurs to transfer ownership of a business while maintaining control over it and minimizing estate taxes.

Question

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A Grantor Retained Annuity Trust (GRAT) is a specific type of irrevocable trust in which the grantor (the owner of the assets being transferred to the trust) retains the right to receive annuity payments for a specified term of years. At the end of the term, the remaining assets in the trust transfer to the beneficiaries of the trust. This can be a useful tool for transferring ownership of a business while still receiving a stream of income and minimizing estate taxes.

A ________ Is a Special Type of Irrevocable Trust and Has