Glossary Terms

Revocable or irrevocable trust the income of which is taxed to the Grantor under IRC Sections 671-678. Read More

Specifically in relation to the trust Grantor, the IRS effectively defines the term for what it is not: a person who is not a related or subordinate party. Read More

These are the risks to beneficiaries’ inheritance: Debt, Divorce, Disability, Destructive Habits, Death, Disputes. (Timothy Borchers, Esq. coined the term in 2010.)

The place to which, for purposes of legal jurisdiction or taxation, a property belongs.

In estate and gift tax, 100% of what is given to qualified charities is exempt from tax. “Qualified’ means recognized by the IRS.

The provision of the US Tax Law that allows the estate of a decedent to take a deduction equal to 100% of the value of assets passing to the surviving spouse or that qualify for the QTIP [...]

Trusts that may be direct gifts to beneficiaries two generations below the Grantors, or that may provide discretionary benefit to the next generation with the possibility of preservation until [...]

The amount under the IRC (internal revenue code) that anyone can give to anyone else each year without using up any of the lifetime exclusion from gift or estate tax or having to file a gift tax [...]