Helping You Protect Your Assets, Family and Personal Finances
Posted in Estate Planning, Estate Planning Term of the Week on May 12th, 2010
Bond – An insurance policy used to ensure a legal representative will do his/her job and not misuse or steal assets he/she controls. If a party is injured due to acts of the legal representative, the bond guarantees that a certain amount of money will be paid to that party.
Posted in Estate Planning, Estate Planning Term of the Week on Apr 15th, 2010
Bequest – a gift or property, which is transferred to an heir or beneficiary under the terms of a will.
Posted in Estate Planning, Estate Planning Term of the Week on Apr 7th, 2010
Beneficiary – A person or organization who will receive the benefits of property from an estate or trust.
Posted in Estate Planning, Estate Planning Term of the Week on Mar 31st, 2010
The dollar amount paid for an asset. This amount is subtracted from the sales price of the asset when it is sold to determine capital gains and capital losses for tax purposes.
Posted in Estate Planning, Estate Planning Term of the Week on Mar 24th, 2010
Attorney in Fact - The person named as agent in a power of attorney to handle the financial affairs of another.
Posted in Estate Planning, Estate Planning Term of the Week on Mar 10th, 2010
Protecting your property from legal issues/problems and taxes during your life and after your death.
Posted in Estate Planning, Estate Planning Term of the Week on Mar 3rd, 2010
The amount of property an individual may gift to another person each calendar year without incurring a gift tax and without IRS reporting requirements. For 2010, an individual can gift $13,000 to each person, per year. Married couples can combine their annual exclusion amounts and gift $26,000 to each person, per year. Gifts made to a spouse who [...]
Posted in Estate Planning, Estate Planning Term of the Week, Probate on Feb 24th, 2010
Ancillary Probate
Definition: Ancillary Probate is a secondary probate proceeding that occurs in a state where the decedent did not live, but where the decedent owned property.
Posted in Estate Planning, Estate Planning Term of the Week on Feb 17th, 2010
Administrator
Definition: The person who is responsible for settling a deceased person’s estate. The administrator is named in your Will or appointed by the probate court if you do not have a Will.
Also Known As: Personal Representative or Executor/Executrix
Posted in Estate Planning, Estate Planning Term of the Week, Estate Taxes on Feb 10th, 2010
AB Trust
Definition: AB Trusts are used by married couples to maximize the federal estate tax exemptions of both spouses. When the first spouse dies, that spouse’s estate plan (e.g., a Revocable Living Trust or Will) directs the division of their assets into two Trusts. The first Trust (Trust B) contains the amount of assets exempt [...]