18 Strategy GRATs

Two-year vintage

2020–2021

20182019202020212022

Per-GRAT strategy target

30%

10%20%30%40%

30% per GRAT → 7.0% together

2020–2021

Each Prop System target

30%

→

18-system portfolio · realized vol

7.0%

Annualized return

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Two-year return

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$10m underlying value

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Heir remainder

—

Underlying equal-weight portfolio path

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What the GRATs produced

Each stands alone

Funded across 18 GRATs

$10.0m

$556k in each separate Prop System GRAT

→

Returned to grantor

—

Two scheduled annuity payments

Transferred to heirs

—

Remainders after the annuities

GRATs with remainders

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GRATs ending at zero

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Potential estate tax avoided*

—

Total family cash

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18 separate GRAT outcomes

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Illustrative historical simulation through 2023-12-29. $10m is divided equally among 18 separate two-year GRATs. Underlying portfolio performance is before annuity cash flows; GRAT outcomes include them. *Estate-tax illustration uses 40% of the heir remainder.