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.

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