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.

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A grantor retained annuity trust (GRAT) allows an entrepreneur to transfer ownership of a business while still receiving a fixed annuity payment for a pre-determined amount of time. This type of trust is irrevocable, meaning it cannot be changed or revoked once it has been established. By transferring ownership of the business to the GRAT, the entrepreneur is able to reduce the value of their estate for tax purposes, minimizing estate taxes when they pass away.

A ________ Is a Special Type of Irrevocable Trust and Has