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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.
NYT > U.S.
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How the Trumps Held On to Generational Wealth