How The Trumps Held On to Generational Wealth | NYT News

By Nov. 22, 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. GRATs are one of the tax code’s great gifts to the ultrawealthy. They let dynastic families like the Trumps pass wealth from one generation to the next — be it stocks, real estate, even art collections — without paying a dime of estate taxes. Read the story here: Subscribe: More from The New York Times Video: ---------- Whether it’s reporting on conflicts abroad and political divisions at home, or covering the latest style trends and scientific developments, New York Times video journalists provide a revealing and unforgettable view of the world. It’s all the news that’s fit to watch.