An accumulation trust is a type of trust where the trust income is not distributed to the beneficiaries as it is earned. Instead, the income is added to the trust's principal and accumulates over time, to be distributed at a later date according to the terms of the trust.
Understanding the Adjusted Gross Estate (AGE), its definition, calculations, deductions, historical context, and importance in estate planning.
Comprehensive coverage on the Annual Gift Exclusion, its historical context, key considerations, formulas, examples, related terms, and FAQs.
Understanding the augmented estate in the context of elective share calculations in estate planning.
Detailed Overview of Bequests, Their Types, Legal Considerations, and Historical Context
Exploring the Charitable Remainder Trust (CRT): Definition, Structure, Tax Benefits, and More.
Commorientes refers to persons who die at the same time or under circumstances where it is uncertain who died first. This concept is particularly important in legal contexts involving inheritance and the devolution of property.
Contingent beneficiaries are designated individuals or entities that receive benefits if primary beneficiaries are unavailable. Learn about their importance, types, historical context, and related concepts.
An in-depth look into the Deed of Variation, its uses, benefits, and impact on inheritance tax and capital gains tax.
An in-depth look into the concept of Elective Share, which allows a surviving spouse to claim a statutory percentage of the deceased's estate, supplanting traditional dower and curtesy.
An Executed Trust is a legal arrangement where trust property has been fully transferred to the beneficiaries and all administrative tasks are complete.
An Executor or Administrator is responsible for executing the will of the decedent or managing the estate if no will exists.
A comprehensive guide to Family Trusts, their importance, types, key events, and applicability, complete with definitions, quotes, and examples.
A comprehensive article on Gift with Reservation of Benefit (GROB), detailing its historical context, types, key events, explanations, examples, and considerations.
Understanding the difference between an heir and a beneficiary is crucial in estate planning and probate proceedings. This article explores the definitions, historical context, key events, and considerations related to heirs and beneficiaries.
An intentionally defective grantor trust (IDGT) is a trust used to freeze certain asset values for estate tax purposes, allowing appreciation to occur outside the estate.
An in-depth exploration of inter vivos gifts, covering their legal definition, types, examples, historical context, and applications within estate planning and tax considerations.
Intestacy refers to the legal framework and procedures for distributing a decedent's estate when they pass away without a valid will. The process is determined by state or national laws.
An in-depth examination of intestate succession, which occurs when a person dies without a will, including historical context, legal frameworks, and distribution rules.
An in-depth exploration of the legal process and mechanisms for distributing a deceased person's estate in the absence of a will, known as intestate succession.
Understand the difference between a legatee and a devisee, recipients named in a will, and the types of property they receive – personal and real.
A Marital Trust is a legal arrangement that provides financial benefits to the surviving spouse upon the death of the other spouse, ensuring their financial well-being and often providing tax advantages.
A comprehensive guide on Partial Intestacy, its historical context, types, implications, and related legal frameworks.
A comprehensive examination of Potentially Exempt Transfers (PETs), including historical context, key events, mathematical models, examples, and related concepts.
A detailed definition of Qualified Terminable Interest Property (QTIP) Trust, exploring its structure, purposes, advantages, and uses in estate planning.
Understanding the role of a remainderman in estate planning and inheritance.
A survivorship clause mandates that a beneficiary must survive the decedent by a specified period to receive the inheritance.
A Testamentary Gift is a gift made through a will, effective upon the donor's death, and usually requires probate.
A will is a legal document that provides instructions for the distribution of a person's property after their death. It must be executed according to specific legal formalities to be binding and can be altered as many times as the testator wishes.
An Affidavit of Domicile is a notarized form stating the legal residence of a deceased person. Essential for addressing estate matters, it is often required when a deceased shareholder's legal residence differs from the address on record.
Understanding how to Bequeath personal property through a will, including definitions, examples, and legal considerations.
A detailed explanation of Blockage Discount, its implications in estate valuation, and various considerations.
A Bypass Trust enables parents to pass assets to their children, reducing estate taxes through an irrevocable trust arrangement.
A Charitable Remainder Trust (CRT) is an irrevocable trust providing income to individuals until the grantor's death, with the remainder passing to charity tax-free. This is a popular tax-saving alternative for wealthy individuals.
A codicil is a legal document that modifies, adds to, or revokes portions of a previously executed will. It allows for changes without rewriting the entire will.
Corpus refers to the principal or res of an estate, trust, devise, or bequest from which income is derived, and is crucial in various legal and financial contexts.
Comprehensive definition of Devise, explaining its use as testamentary gifts of real and personal property through wills, its historical context, and related terms such as bequest.
Dower is a statutory provision in a common-law state that directs a certain portion of the estate (often one-third) to the surviving spouse. The term 'curtesy' is used if the surviving spouse is the husband.
An executor (executrix) is a person designated to carry out the wishes expressed in a will regarding the administration of the estate and the distribution of its assets.
A gift causa mortis is a transfer of property executed when a person faces impending death. This unique form of transfer becomes effective only if the donor dies, otherwise, it is revoked.
Comprehensive examination of heirs, citing statutory law, inheritance scenarios without a will, and distinctions among types of heirs.
A detailed overview of Inter Vivos Trusts, including their types, special considerations, examples, historical context, and comparison with Testamentary Trusts.
A comprehensive exploration of the concept of 'legacy' in the context of the disposition of personal property by will. Includes historical context, types, usage, and related terms.
A comprehensive description of a legatee, the individual who receives property through a will, along with related terms and contextual information.
Comprehensive overview of lifetime gifts, illustrating their benefits in estate planning, especially in minimizing probate and administrative expenses.
A comprehensive look at the federal estate and gift tax deduction that allows property to pass tax-free between spouses.
A comprehensive overview of nuncupative wills, their historical context, legal considerations, common applications, and contrasts with other types of wills.
A pecuniary bequest refers to a sum of money given to an heir by a decedent through a will or estate plan.
Comprehensive overview of Per Stirpes distribution in estate planning, highlighting its definition, application, examples, and distinctions from Per Capita distribution.
An in-depth exploration of Powers of Appointment, their types, significance in estate planning, historical background, and legal considerations.
An in-depth exploration of powers of appointment, including general and special powers of appointment, their definitions, uses, legal considerations, examples, and implications in estate planning.
Probate is the court-supervised process of authenticating a last will and testament. It involves proving the document's validity and ensuring its execution according to legal requirements.
A Q-TIP Trust, also known as Qualified Terminable Interest Property Trust, is a type of trust that allows a person to provide for their surviving spouse while maintaining control over the trust's principal after the spouse's death.
A Qualified Terminable Interest Property (Q-TIP) Trust is an estate planning strategy that ensures all income from trust assets is paid to the surviving spouse during their lifetime and limits asset transfer to others. The surviving spouse can control the final beneficiaries within a pre-designated group.
A revocable trust is a flexible estate planning tool wherein the grantor may alter the provisions or cancel the trust at will. This differs from an irrevocable trust, which permanently transfers assets out of the estate.
A detailed exploration of the concept of a Secondary Beneficiary, its implications, comparisons with primary beneficiaries, and its importance in various contexts such as insurance policies, wills, and trusts.
A comprehensive explanation of a Simple Trust, its characteristics, requirements, and tax implications.
A comprehensive explanation of testamentary powers of appointment, including their definition, types, special considerations, examples, historical context, and related legal concepts.
Testate refers to a person who has made a valid will, detailing how their estate should be distributed after their death. This is in contrast to dying intestate, where the deceased has not left a will.
A comprehensive overview of the role and legal implications of being a testator or testatrix, including historical context, types of wills, and its importance in estate planning.
A comprehensive guide on A-B trusts, explaining their purpose, functionality, and the tax benefits they provide to married couples.
Understanding the concept of Agency by Necessity is essential in estate planning for making critical decisions when unforeseen circumstances arise.
A comprehensive guide to understanding beneficiaries, covering their meaning, functionality, various types, and practical examples.
An in-depth look at contingent beneficiaries, their attributes, and the advantages they offer in estate planning.
A detailed exploration of the Declaration of Trust, an essential legal instrument in estate planning, including its definition, types, benefits, historical context, and practical applications.
Comprehensive guide on Distributable Net Income (DNI), covering its definitions, formulas, examples, historical context, and applications in trust and estate allocation between beneficiaries.
A comprehensive guide on dynasty trusts, detailing their structure, benefits, tax implications, and how they help in preserving wealth across generations without incurring estate taxes.
An in-depth look at the role of an executor, their responsibilities, and legal implications in the administration of a deceased person's estate.
An in-depth look into Family Limited Partnerships (FLPs), including their definition, advantages, disadvantages, tax benefits, legal considerations, and more.
Understanding Generation-Skipping Trusts (GST) - a legal vehicle for passing assets directly to grandchildren, skipping the grantor's children. Explore the key elements, benefits, and implications of GSTs.
An in-depth look at Gift Causa Mortis, its legal framework, requirements, distinctions from other types of gifts, historical origins, and practical examples.
A comprehensive exploration of Gift Inter Vivos, detailing its definition, how it operates, and a practical example.
A comprehensive guide to understanding Grantor Retained Annuity Trusts (GRATs), their role in minimizing estate taxes, and practical examples for effective financial gift planning.
A comprehensive guide on holographic wills, including their definition, state requirements, legal considerations, examples, historical context, and related terms.
A comprehensive guide on how Intentionally Defective Grantor Trusts (IDGT) can be utilized in estate planning to freeze assets for estate tax purposes while maintaining income tax advantages.
An in-depth overview of Inter-Vivos Trusts, exploring their definition, how they function, and the advantages they offer in estate planning.
A comprehensive guide to understanding irrevocable trusts, detailing their functionality, various types, and practical applications.
Explore the comprehensive definition, various types, and detailed guidelines on how to write a last will and testament, a legal document outlining your wishes for asset distribution and dependent care after your death.
A comprehensive guide to legal trusts, exploring their purposes, different types, and various structures. Learn how trusts operate, their benefits, and their applications in estate planning, asset protection, and more.
Comprehensive coverage of notices to creditors, detailing their definition, purpose, procedures for issuing, and guidelines for publishing. This entry also includes examples, legal context, and frequently asked questions.
A comprehensive guide to Payable on Death (POD) accounts, exploring their benefits, drawbacks, and practical applications.
An in-depth exploration of the concept of 'Per Stirpes,' its practical applications in estate planning, and implications for beneficiaries and their heirs.
Discover the intricacies of probate, the legal process of validating and authenticating wills, and learn how it operates both with and without a will in place.
An in-depth exploration of Qualified Terminable Interest Property (QTIP) Trusts, including their definition, how they work, and their advantages for estate planning and beneficiary protection.
An in-depth exploration of Qualified Domestic Trusts (QDOTs), including their purpose, operation, benefits, and key considerations for non-U.S. citizens claiming marital estate tax deductions.
A comprehensive guide to Qualified Personal Residence Trusts (QPRTs), detailing their overview, benefits, examples, and considerations for estate planning.
A comprehensive guide to understanding the role and implications of revocable beneficiaries in estate planning and insurance policies, outlining their characteristics, benefits, and potential pitfalls.
A comprehensive guide exploring the definition, mechanics, benefits, and considerations of revocable trusts.
Explore the distinctions between a Special Power of Attorney and other types of Powers of Attorney, including their specific features, usage scenarios, legal implications, and examples.
A testamentary trust is a legal entity that manages the assets of a deceased person according to the instructions set forth in the will. This guide provides a detailed overview, including examples, benefits, and disadvantages.
A detailed explanation of Transfer on Death (TOD) designations, including how they work, beneficiary designations, avoiding probate, and practical considerations.
A comprehensive guide to trust funds, exploring their purpose, functionality, types, and their application in wealth management and estate planning.
An in-depth examination of the Uniform Simultaneous Death Act, which streamlines the distribution of assets in cases where spouses die simultaneously, reducing administrative costs and avoiding probate complications.
A comprehensive guide to the Unlimited Marital Deduction, explaining its function, tax implications, and practical applications.
Explore the concept of a voluntary trust, its functionality, and practical examples. Understand how this type of living trust, also known as an inter vivos trust, works.
A detailed examination of Wasting Trusts, explaining the concept, types, legal considerations, examples, and their implications in finance and estate planning.
Explore the Waterfall Concept, a method of intergenerational wealth transfer that utilizes the rollover of a life insurance policy to a child or grandchild. Understand how it works, its benefits, and a practical example.
