Bruceville Trusts Lawyer, Indiana
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Gerald Richard Thom
Real Estate, Traffic, Lawsuit & Dispute, Trusts
Status: In Good Standing Licensed: 51 Years
209 East 6Th Street, Jasper, IN 47546
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427 E 4Th St, Huntingburg, IN 47542
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LEGAL TERMS
ADMINISTRATRIX
An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male... (more...)
An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male or female, this person is called the administrator.
HOLOGRAPHIC WILL
A will that is completely handwritten, dated and signed by the person making it. Holographic wills are generally not witnessed. Although it's legal in many stat... (more...)
A will that is completely handwritten, dated and signed by the person making it. Holographic wills are generally not witnessed. Although it's legal in many states, making a holographic will is never advised except as a last resort.
LIFE BENEFICIARY
A person who receives benefits, under a trust or by will, for his or her lifetime. For an example, see AB trust.
TESTAMENTARY TRUST
A trust created by a will, effective only upon the death of the willmaker.
AB TRUST
A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of... (more...)
A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of the property goes to the beneficiaries named in the trust -- commonly, the grown children of the couple -- with the crucial condition that the surviving spouse has the right to use the property for life and is entitled to any income it generates. The surviving spouse may even be allowed to spend principal in certain circumstances. When the surviving spouse dies, the property passes to the trust beneficiaries. It is not considered part of the second spouse's estate for estate tax purposes. Using this kind of trust keeps the second spouse's taxable estate half the size it would be if the property were left directly to the spouse. This type of trust is also known as a bypass or credit shelter trust.
PETITION
A formal written request made to a court, asking for an order or ruling on a particular matter. For example, if you want to be appointed conservator for an elde... (more...)
A formal written request made to a court, asking for an order or ruling on a particular matter. For example, if you want to be appointed conservator for an elderly relative, you must file a petition with a court. See also complaint.
GENERATION-SKIPPING TRANSFER TAX
A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)
A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.
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.
GRANT DEED
A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as descri... (more...)
A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed.
SAMPLE LEGAL CASES
Zoeller v. East Chicago Second Century
... It argues on appeal that it was established under the agreement to benefit as a private for-profit
corporation, and that "this non-charitable component eliminates the possibility that a public
charitable trust was created," citing the definition of such trusts, Ind.Code § 30-4-1-2(5 ...
Carlson v. Sweeney, Dabagia, Donoghue, Thorne, Janes & Pagos
Norman R. CARLSON, Jr., Individually and As Executor of the Estates of Norman R. Carlson
and Hilda D. Carlson, Deceased, and As Trustee of the Trusts Established Under the Last Wills
and Testaments of Norman R. Carlson and Hilda D. Carlson; Margaret Ann Carlson; Beth ...
Gibbs v. Kashak
... OPINION. MAY, Judge. Sally Gibbs and Jack David Kashak are siblings and the
beneficiaries of their parents' trusts. ... Norbert and Eileen each created a trust and deeded
their assets, including the land, bank accounts, and stocks to their trusts. ...
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