Building and Protecting Families
Posted in Estate Planning Term of the Week on Jan 25th, 2012
Disinherit – Cutting a person off from his or her inheritance in an estate where he or she would have been a natural heir. ____ Kinsey Law Group, P.C. was formed to focus on the needs of families. We are dedicated to assisting you in the areas of Estate Planning and Assisted Reproduction/Surrogacy. If you [...]
Posted in Estate Planning Term of the Week on Jan 18th, 2012
Durable Power of Attorney – A document established by an individual (the principal) granting another person (the agent) the right and authority to handle the financial and other affairs of the principal. The Durable Power of Attorney does not terminate upon the incapacity of the person making the power of attorney. Durable Power of Attorney [...]
Posted in Estate Planning Term of the Week on Jan 11th, 2012
Disclaimer – The renunciation or refusal of a beneficiary to accept a gift or bequest in order to allow the property to pass to an alternate takers. When a disclaimer is made, the property is generally transferred to the person next in line under the will. ____ Kinsey Law Group, P.C. was formed to focus [...]
Posted in Estate Planning, Estate Planning Term of the Week on Jan 4th, 2012
Decedent – The person who has died. ____ Kinsey Law Group, P.C. was formed to focus on the needs of families. We are dedicated to assisting you in the areas of Estate Planning and Assisted Reproduction/Surrogacy. If you have questions or concerns, you’re invited to call 301-968-1630 or send an e-mail any time, without cost [...]
Posted in Estate Planning Term of the Week on Dec 28th, 2011
Crummey Trust – An irrevocable trust that grants a beneficiary the power to withdraw all or a portion of assets that are contributed to the trust. The typical purpose of this trust is to enable the contributions to the trust to qualify for the annual exclusion. ____ Kinsey Law Group, P.C. was formed to [...]
Posted in Estate Planning Term of the Week on Dec 21st, 2011
Conservator – An individual or a corporate fiduciary appointed by a court to be legally responsible for the management of property and money belonging to a minor or incompetent person. Conservatorship – A court controlled program where a conservator is appointed by the court to manage the financial affairs of a person who is unable [...]
Posted in Estate Planning Term of the Week on Dec 14th, 2011
Community Property – In certain states, known as community property states, all assets acquired during a marriage belong equally to both spouses (jointly). There is an exception for gifts and inheritances given specifically to one spouse. The states which are known as community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas and [...]
Posted in Estate Planning Term of the Week on Dec 7th, 2011
Codicil – A formally executed written change or amendment to a will, which does not require the complete rewriting of the will. ____ Kinsey Law Group, P.C. was formed to focus on the needs of families. We are dedicated to assisting you in the areas of Estate Planning and Assisted Reproduction/Surrogacy. If you have questions [...]
Posted in Estate Planning, Estate Planning Term of the Week on Nov 30th, 2011
Charitable remainder trust – A tax-exempt trust created during your lifetime or at your death that make large donations of property or money to a charity for life or a fixed number of years. Upon termination of the trust, the trust assets pass to the charity. The donor reserves the right to use the trust [...]
Posted in Estate Planning, Estate Planning Term of the Week, Trusts on Nov 23rd, 2011
Charitable lead trust – A trust created during your lifetime or at your death that provides for payment to one or more charities for a fixed number of years. Upon termination of the trust, the trust assets pass to designated beneficiaries. Also Known As: CLT ______ Kinsey Law Group, P.C. was formed to focus on [...]