Sebastian Estate Planning Lawyer, Florida
Includes: Gift Taxation
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LEGAL TERMS
QTIP TRUST
A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the... (more...)
A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the trust property tax-free. Taxes are deferred until the surviving spouse dies and the trust property is received by the final trust beneficiaries, who were named by the first spouse to die.
PROBATE COURT
A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate cour... (more...)
A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate court' in New York and several other states, this court normally examines the authenticity of a will -- or if a person dies intestate, figures out who receives her property under state law. It then oversees a procedure to pay the deceased person's debts and to distribute her assets to the proper inheritors. See probate.
UNIFORM TRANSFER-ON-DEATH SECURITY ACT
A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using... (more...)
A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using a simple form that names a person to receive the property after the owner's death. Every state but Texas has adopted the statute.
FAMILY POT TRUST
See pot trust.
FUNDING A TRUST
Transferring ownership of property to a trust.
SURVIVING SPOUSE'S TRUST
If a couple has created an AB trust, the revocable living trust (Trust B) of the surviving spouse, after the first spouse has died.
CREDIT SHELTER TRUST
See AB trust.
POWER OF APPOINTMENT
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust o... (more...)
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.
HEIR APPARENT
One who expects to be receive property from the estate of a family member, as long as she outlives that person.
SAMPLE LEGAL CASES
Brundage v. Bank of America
... disputed transfers from the trust. Dorothy Gutsgell and her husband, who had no
children of their own, executed a series of estate planning documents, using the law
firm of Ruden McClosky for their planning. In 1992 Dorothy, as ...
Yang Enterprises, Inc. v. Georgalis
... Petitioners filed suit against Respondent for trade secret theft, tortious interference with a
business relationship, and trade libel. In 1999, Petitioners retained Anthony Palma, an attorney
in Broad and Cassel's Orlando office, for estate planning services. ...
Wheeler v. Powers
... In 2000, Dorothy L. Powers and her husband, Albert Powers, retained Kenneth B. Wheeler, an
estates and trust attorney, to prepare estate planning documents. ... [1]. On December 20, 2004,
Dorothy created several new estate planning documents through a different attorney. ...
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