grantor-retained income trust

A form of Grantor-Retained Trust, the Grantor-Retained Income Trust (commonly referred to as GRIT) is set up when a donor makes a donation to a trust.  During the fixed period of time, the donor will recieve income payments. At the end of the time the remaining value of the trust will be passed to the beneficiary.  

A GRIT is an irrevokable trust.