A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth m... (more...)

A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property passes free from estate tax because of the personal exemption, and the rest is shielded from tax under the surviving spouse's marital deduction.

CURATOR

See conservator.

QDOT TRUST

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spo... (more...)

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spouse. QDOT stands for qualified domestic trust.

CREDIT SHELTER TRUST

See AB trust.

SWEARING MATCH

A case that turns on the word of one witness versus another. The outcome of a swearing match usually depends on whom the jury finds most trustworthy.

RESIDUARY BENEFICIARY

A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leav... (more...)

A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leaving his home to Edwina and the remainder of his property to Elmo, then Elmo is the residuary beneficiary.

TESTAMENTARY TRUST

A trust created by a will, effective only upon the death of the willmaker.

CHARITABLE TRUST

Any trust designed to make a substantial gift to a charity and also achieve income and estate tax savings for the person who creates the trust (the grantor).

SAMPLE LEGAL CASES

AGNES M. GASSMANN REVOCABLE v. Reichert

... MARIG, Justice. [Â¶ 1] Mary Reichert, Jo Anne Dalhoff, and James Gassmann appeal from a district court judgment reforming the terms of their parents' revocable living trusts and determining that John T. Gassmann was to receive farmland held in a limited liability limited ...

Oyloe v. NORTH DAKOTA DEPT. OF HUMAN SERV.

... V William F. Fratcher, Scott on Trusts Â§ 411 (1989). ... Where the intended trust fails in part, there is a resulting trust of so much of the property as is not appropriated to the part of the trust that does not fail." V William F. Fratcher, Scott on Trusts Â§ 411.2, p. 30 (1989). ...

Langer v. Pender

... a reference to whoever is serving as Trustee, or Co-trustee, whether original, alternate or any successor thereof, and references to "Trust" or "Trust Estate" shall be interchangeable as the context allows and relate to the Separate Trust Estate of the various trusts created herein ...

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LEGAL TERMS

INTER VIVOS TRUST

EXEMPTION TRUST

CURATOR

QDOT TRUST

CREDIT SHELTER TRUST

SWEARING MATCH

RESIDUARY BENEFICIARY

TESTAMENTARY TRUST

CHARITABLE TRUST

SAMPLE LEGAL CASES

AGNES M. GASSMANN REVOCABLE v. Reichert

Oyloe v. NORTH DAKOTA DEPT. OF HUMAN SERV.

Langer v. Pender

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