Glossary
Plain-language definitions connected to the deeper wills, trusts, tax, probate, beneficiary, and state-law system.
53 mục tham chiếu
A court-appointed personal representative who administers an estate when no executor is serving under a will.
Ý tưởng chính: A court-appointed personal representative who administers an estate when no executor is serving under a will.
Đọc hướng dẫn đầy đủA person authorized to act for another, commonly under a power of attorney; the document and governing law define the authority.
Ý tưởng chính: A person authorized to act for another, commonly under a power of attorney; the document and governing law define the authority.
Đọc hướng dẫn đầy đủA tax-year-specific federal gift-tax rule that can exclude qualifying present-interest gifts up to the current statutory amount per recipient; verify the current IRS figure and conditions.
Ý tưởng chính: A tax-year-specific federal gift-tax rule that can exclude qualifying present-interest gifts up to the current statutory amount per recipient; verify the current IRS figure and conditions.
Đọc hướng dẫn đầy đủAn objectively framed distribution standard—often health, education, maintenance, and support—used in trust and tax analysis; the exact language and facts matter.
Ý tưởng chính: An objectively framed distribution standard—often health, education, maintenance, and support—used in trust and tax analysis; the exact language and facts matter.
Đọc hướng dẫn đầy đủA person, charity, estate, trust, or other permitted recipient entitled to receive or potentially receive property under an instrument, account, or law.
Ý tưởng chính: A person, charity, estate, trust, or other permitted recipient entitled to receive or potentially receive property under an instrument, account, or law.
Đọc hướng dẫn đầy đủA gift of property made by will; modern statutes and documents may use broader terms such as devise.
Ý tưởng chính: A gift of property made by will; modern statutes and documents may use broader terms such as devise.
Đọc hướng dẫn đầy đủA formally executed amendment to a will that must satisfy applicable execution rules and be read with the original will.
Ý tưởng chính: A formally executed amendment to a will that must satisfy applicable execution rules and be read with the original will.
Đọc hướng dẫn đầy đủA marital-property system that generally classifies qualifying property acquired during marriage as owned by the marital community, subject to state-specific tracing and exceptions.
Ý tưởng chính: A marital-property system that generally classifies qualifying property acquired during marriage as owned by the marital community, subject to state-specific tracing and exceptions.
Đọc hướng dẫn đầy đủThe federal exclusion amount potentially made available to a surviving spouse through a valid portability election by the deceased spouse's estate.
Ý tưởng chính: The federal exclusion amount potentially made available to a surviving spouse through a valid portability election by the deceased spouse's estate.
Đọc hướng dẫn đầy đủA person who has died; tax forms and probate statutes use the term to identify the person whose property and obligations are being administered.
Ý tưởng chính: A person who has died; tax forms and probate statutes use the term to identify the person whose property and obligations are being administered.
Đọc hướng dẫn đầy đủA testamentary transfer under a will; depending on the statute or document, it may cover real or personal property.
Ý tưởng chính: A testamentary transfer under a will; depending on the statute or document, it may cover real or personal property.
Đọc hướng dẫn đầy đủA person's permanent legal home based on physical presence and intent; it can affect probate, marital property, state tax, and jurisdiction and is not always the same as residence.
Ý tưởng chính: A person's permanent legal home based on physical presence and intent; it can affect probate, marital property, state tax, and jurisdiction and is not always the same as residence.
Đọc hướng dẫn đầy đủDepending on context, the property and obligations associated with a person, the probate estate under court administration, or a separate tax entity after death.
Ý tưởng chính: Depending on context, the property and obligations associated with a person, the probate estate under court administration, or a separate tax entity after death.
Đọc hướng dẫn đầy đủTreatment of property or an interest as part of a decedent's gross estate for transfer-tax purposes; ownership title alone does not answer every inclusion rule.
Ý tưởng chính: Treatment of property or an interest as part of a decedent's gross estate for transfer-tax purposes; ownership title alone does not answer every inclusion rule.
Đọc hướng dẫn đầy đủA person nominated in a will and generally appointed by a court to administer the probate estate; many states use personal representative as the broader term.
Ý tưởng chính: A person nominated in a will and generally appointed by a court to administer the probate estate; many states use personal representative as the broader term.
Đọc hướng dẫn đầy đủA person or institution required to act under duties of loyalty, care, impartiality, prudence, and recordkeeping as applicable to the role and governing law.
Ý tưởng chính: A person or institution required to act under duties of loyalty, care, impartiality, prudence, and recordkeeping as applicable to the role and governing law.
Đọc hướng dẫn đầy đủA federal gift-tax election that can treat qualifying gifts by one spouse as made one-half by each spouse when requirements and consents are satisfied.
Ý tưởng chính: A federal gift-tax election that can treat qualifying gifts by one spouse as made one-half by each spouse when requirements and consents are satisfied.
Đọc hướng dẫn đầy đủA person treated as transferring property to a trust; settlor and trustor are common state-law synonyms, while federal tax law can use grantor in a technical way.
Ý tưởng chính: A person treated as transferring property to a trust; settlor and trustor are common state-law synonyms, while federal tax law can use grantor in a technical way.
Đọc hướng dẫn đầy đủThe federal transfer-tax measure that can include probate and nonprobate property, certain insurance, retained interests, and other items before deductions.
Ý tưởng chính: The federal transfer-tax measure that can include probate and nonprobate property, certain insurance, retained interests, and other items before deductions.
Đọc hướng dẫn đầy đủA court-appointed person responsible for personal or health-related decisions for a minor or protected adult; some states use different labels or divide personal and property roles.
Ý tưởng chính: A court-appointed person responsible for personal or health-related decisions for a minor or protected adult; some states use different labels or divide personal and property roles.
Đọc hướng dẫn đầy đủA person or document authorizing health decisions for another when applicable conditions are met; terminology varies by state.
Ý tưởng chính: A person or document authorizing health decisions for another when applicable conditions are met; terminology varies by state.
Đọc hướng dẫn đầy đủA person entitled under intestacy law to inherit probate property; an heir is not necessarily the same as a beneficiary named in a will or account.
Ý tưởng chính: A person entitled under intestacy law to inherit probate property; an heir is not necessarily the same as a beneficiary named in a will or account.
Đọc hướng dẫn đầy đủA will written and signed in the testator's handwriting under rules recognized in some, but not all, states; requirements and treatment vary.
Ý tưởng chính: A will written and signed in the testator's handwriting under rules recognized in some, but not all, states; requirements and treatment vary.
Đọc hướng dẫn đầy đủCertain taxable income the decedent was entitled to but had not received before death; it generally does not receive the ordinary section 1014 basis adjustment.
Ý tưởng chính: Certain taxable income the decedent was entitled to but had not received before death; it generally does not receive the ordinary section 1014 basis adjustment.
Đọc hướng dẫn đầy đủThe state-law system distributing probate property not effectively disposed of by a valid will.
Ý tưởng chính: The state-law system distributing probate property not effectively disposed of by a valid will.
Đọc hướng dẫn đầy đủA person's lineal descendants, such as children and later generations, interpreted under the document and governing law.
Ý tưởng chính: A person's lineal descendants, such as children and later generations, interpreted under the document and governing law.
Đọc hướng dẫn đầy đủThe ability to understand and decide a particular legal matter under the applicable standard; capacity can be task-specific and may fluctuate.
Ý tưởng chính: The ability to understand and decide a particular legal matter under the applicable standard; capacity can be task-specific and may fluctuate.
Đọc hướng dẫn đầy đủA court-issued credential evidencing an executor's authority after appointment; terminology and electronic verification vary by jurisdiction.
Ý tưởng chính: A court-issued credential evidencing an executor's authority after appointment; terminology and electronic verification vary by jurisdiction.
Đọc hướng dẫn đầy đủA federal estate- or gift-tax deduction for qualifying transfers to a spouse, subject to citizenship, property-interest, and election requirements.
Ý tưởng chính: A federal estate- or gift-tax deduction for qualifying transfers to a spouse, subject to citizenship, property-interest, and election requirements.
Đọc hướng dẫn đầy đủA provision that may reduce or eliminate a beneficiary's gift after a covered challenge; enforceability, probable-cause exceptions, and scope vary by state.
Ý tưởng chính: A provision that may reduce or eliminate a beneficiary's gift after a covered challenge; enforceability, probable-cause exceptions, and scope vary by state.
Đọc hướng dẫn đầy đủA method of dividing property into equal shares among people at a specified generational level or class; document wording controls the exact method.
Ý tưởng chính: A method of dividing property into equal shares among people at a specified generational level or class; document wording controls the exact method.
Đọc hướng dẫn đầy đủA representation-based distribution method in which a deceased beneficiary's branch may take that beneficiary's share; state definitions and drafting variants differ.
Ý tưởng chính: A representation-based distribution method in which a deceased beneficiary's branch may take that beneficiary's share; state definitions and drafting variants differ.
Đọc hướng dẫn đầy đủThe umbrella term in many jurisdictions for the fiduciary administering a decedent's probate estate, including an executor or administrator.
Ý tưởng chính: The umbrella term in many jurisdictions for the fiduciary administering a decedent's probate estate, including an executor or administrator.
Đọc hướng dẫn đầy đủThe federal process by which a surviving spouse may use a deceased spouse's DSUE after a valid estate-tax-return election; GST exemption is not portable.
Ý tưởng chính: The federal process by which a surviving spouse may use a deceased spouse's DSUE after a valid estate-tax-return election; GST exemption is not portable.
Đọc hướng dẫn đầy đủAuthority given to a power holder to designate who may receive specified property; general and limited powers can have different tax and creditor effects.
Ý tưởng chính: Authority given to a power holder to designate who may receive specified property; general and limited powers can have different tax and creditor effects.
Đọc hướng dẫn đầy đủThe judicial process for appointing estate authority, validating a will where required, handling claims, and transferring probate property.
Ý tưởng chính: The judicial process for appointing estate authority, validating a will where required, handling claims, and transferring probate property.
Đọc hướng dẫn đầy đủAn irrevocable refusal to accept property that can have special federal transfer-tax treatment if statutory requirements, timing, and lack-of-acceptance rules are met; state property law also applies.
Ý tưởng chính: An irrevocable refusal to accept property that can have special federal transfer-tax treatment if statutory requirements, timing, and lack-of-acceptance rules are met; state property law also applies.
Đọc hướng dẫn đầy đủThe probate property left after specific gifts, expenses, claims, taxes, and other charges are handled under the will and law.
Ý tưởng chính: The probate property left after specific gifts, expenses, claims, taxes, and other charges are handled under the will and law.
Đọc hướng dẫn đầy đủThe person who creates or contributes property to a trust; grantor and trustor are common synonyms, with context-specific tax meanings.
Ý tưởng chính: The person who creates or contributes property to a trust; grantor and trustor are common synonyms, with context-specific tax meanings.
Đọc hướng dẫn đầy đủA person or trust classified under federal GST rules as two or more generations below the transferor, or otherwise meeting the statutory definition.
Ý tưởng chính: A person or trust classified under federal GST rules as two or more generations below the transferor, or otherwise meeting the statutory definition.
Đọc hướng dẫn đầy đủTrust language restricting a beneficiary's transfer of an interest before distribution and limiting some creditor access, subject to state-law exceptions.
Ý tưởng chính: Trust language restricting a beneficiary's transfer of an interest before distribution and limiting some creditor access, subject to state-law exceptions.
Đọc hướng dẫn đầy đủA tax measure used to calculate gain, loss, depreciation, and other consequences; acquisition, gifts, death, improvements, and entity rules can change it.
Ý tưởng chính: A tax measure used to calculate gain, loss, depreciation, and other consequences; acquisition, gifts, death, improvements, and entity rules can change it.
Đọc hướng dẫn đầy đủThe federal estate-tax base after permitted deductions from the gross estate, before application of the tax computation and credits.
Ý tưởng chính: The federal estate-tax base after permitted deductions from the gross estate, before application of the tax computation and credits.
Đọc hướng dẫn đầy đủCreated by or taking effect under a will at death, as in a testamentary trust.
Ý tưởng chính: Created by or taking effect under a will at death, as in a testamentary trust.
Đọc hướng dẫn đầy đủA state-law process that may allow a trustee to distribute assets from one trust into a new trust with modified terms, subject to statutory authority, fiduciary duties, beneficiary rights, and tax review.
Ý tưởng chính: A state-law process that may allow a trustee to distribute assets from one trust into a new trust with modified terms, subject to statutory authority, fiduciary duties, beneficiary rights, and tax review.
Đọc hướng dẫn đầy đủA person holding a power of direction over a trustee under a directed-trust structure; fiduciary status and liability depend on governing law and the instrument.
Ý tưởng chính: A person holding a power of direction over a trustee under a directed-trust structure; fiduciary status and liability depend on governing law and the instrument.
Đọc hướng dẫn đầy đủAccounting categories allocating receipts and expenses between capital and current return; they are not identical to taxable principal and income.
Ý tưởng chính: Accounting categories allocating receipts and expenses between capital and current return; they are not identical to taxable principal and income.
Đọc hướng dẫn đầy đủA person granted specified oversight or amendment powers outside ordinary trustee duties; the title has no single universal set of powers.
Ý tưởng chính: A person granted specified oversight or amendment powers outside ordinary trustee duties; the title has no single universal set of powers.
Đọc hướng dẫn đầy đủThe legal and administrative connection of a trust to a jurisdiction, potentially affected by governing law, trustee location, administration, assets, and court jurisdiction.
Ý tưởng chính: The legal and administrative connection of a trust to a jurisdiction, potentially affected by governing law, trustee location, administration, assets, and court jurisdiction.
Đọc hướng dẫn đầy đủThe fiduciary holding and administering trust property under the instrument and governing law for beneficiaries or a permitted purpose.
Ý tưởng chính: The fiduciary holding and administering trust property under the instrument and governing law for beneficiaries or a permitted purpose.
Đọc hướng dẫn đầy đủImproper pressure that overcomes a person's free intent in making a will, trust, gift, or designation; proof is fact- and state-specific.
Ý tưởng chính: Improper pressure that overcomes a person's free intent in making a will, trust, gift, or designation; proof is fact- and state-specific.
Đọc hướng dẫn đầy đủA revocable document during life that directs probate property and makes nominations or testamentary trusts effective at death, subject to state execution law.
Ý tưởng chính: A revocable document during life that directs probate property and makes nominations or testamentary trusts effective at death, subject to state execution law.
Đọc hướng dẫn đầy đủA person who observes or acknowledges execution as required and may later attest to it; eligibility and presence rules vary by state and document.
Ý tưởng chính: A person who observes or acknowledges execution as required and may later attest to it; eligibility and presence rules vary by state and document.
Đọc hướng dẫn đầy đủ
