How the Trumps Held on to Generational Wealth

How the Trumps Held on to Generational Wealth

By the end of 1997, Donald Trump and his siblings owned nearly all of Fred Trump’s empire, free and clear of estate taxes. How did they do it? A special type of trust with a clunky acronym: GRAT, short for grantor-retained annuity trust. It is one of the tax code’s great gifts to the ultrawealthy.

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