Miller & Martin | Legal Alerts Alert: Grantor Retained Annuity Trusts (GRATs) If you have a high yield asset which you expect to appreciate in value in the future, consider the strategy of establishing a GRAT described in this memorandum. A GRAT allows you to retain an income interest, and to make a gift to a younger generation free of federal gift or estate taxes. The current low interest rate environment makes GRATs particularly attractive. To read the full alert, please click here. » » Read more Legal Alerts [+]