Tax-efficient wealth transfer is an important goal of most sound estate planning strategies. A grantor retained annuity trust (GRAT) is a wealth transfer technique created by Section 2702 of the Internal Revenue Code and corresponding Treasury Regulations. Taxpayers and practitioners therefore perceive the GRAT as a sanctioned means to transfer wealth at a reduced transfer tax cost. A GRAT may permit the transfer of wealth to or for others with little, if any, gift tax due and with no estate tax. The GRAT may accomplish that goal or purpose for one or more reasons. This article presents a framework to determine if and how it may be successful in accomplishing its purpose. It also provides some comparisons of a GRAT to a more direct transfer of wealth and to an installment sale to a grantor trust.

"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.