The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.
A Charitable Remainder Trust is often used to make large donations (of either property or money) to a charity so that the donor can obtain a tax advantage.
The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.
A bond is a type of insurance policy that guarantees that a legal representative will carry out his duties. Should the legal representative fail to perform as specified in the contract, the bond guarantees that a certain amount of money be paid to the injured party.
“Beneficiary designation” means a governing instrument naming a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in the beneficiary form (TOD), or of a pension, profit sharing, retirement, or similar benefit plan, or other nonprobate transfer at death.
“Beneficiary”, as it relates to a trust beneficiary, includes a person who has any present or future interest, vested or contingent, and also includes the owner of an interest by assignment or other transfer; as it relates to a charitable trust, includes any person entitled to […]
The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.
An Asset Protection process is a legal approach/strategy designed to protect an individual’s property from legal problems and taxes in his/her lifetime and upon his/her death.
Generally, assets include all types of property which can be made available for the payment of debts.
Annuity pertains to the periodic disbursement of a specific amount of money, with such disbursements to continue for life or for a pre-determined number of years.