Dallardsville Trusts Lawyer, Texas
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2615 Calder St, Beaumont, TX 77702
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LEGAL TERMS
TESTAMENTARY TRUST
A trust created by a will, effective only upon the death of the willmaker.
BANKRUPTCY ESTATE
All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankrup... (more...)
All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankruptcy estate for the duration of your case.
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.
SECONDARY MEANING
In trademark law, a mark that is not inherently distinctive becomes protected after developing a 'secondary meaning': great public recognition through long use ... (more...)
In trademark law, a mark that is not inherently distinctive becomes protected after developing a 'secondary meaning': great public recognition through long use and exposure in the marketplace. For example, though first names are not generally considered inherently distinctive, Ben & Jerry's Ice Cream has become so well known that it is now entitled to maximum trademark protection.
BENEFICIARY
A person or organization legally entitled to receive benefits through a legal device, such as a will, trust or life insurance policy.
PROBATE
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased pers... (more...)
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased person's affairs identifying and inventorying the deceased person's property paying debts and taxes identifying heirs, and distributing the deceased person's property according to the will or, if there is no will, according to state law. Formal court-supervised probate is a costly, time-consuming process -- a windfall for lawyers -- which is best avoided if possible.
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.
ESTATE PLANNING
The art of continuing to prosper when you're alive, and passing your property to your loved ones with a minimum of fuss and expense after you die. Planning your... (more...)
The art of continuing to prosper when you're alive, and passing your property to your loved ones with a minimum of fuss and expense after you die. Planning your estate may involve making a will, living trust, healthcare directives, durable power of attorney for finances or other documents.
GENERATION-SKIPPING TRUST
A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income fro... (more...)
A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income from the trust. Because the children (the middle generation) never legally own the property, it isn't subject to estate tax at their death. See generation-skipping transfer tax.
SAMPLE LEGAL CASES
In re Townley Bypass Unified Credit Trust
... Further, the Hawaii court quoted from a second edition of Scott's treatise on trusts. The same
provision of that treatise is now found at IIA AUSTIN WAKEMAN SCOTT & WILLIAM
FRANKLIN FRATCHER, THE LAW OF TRUSTS § 158.1 (4th ed.1987): ...
Alpert v. Riley
... [1] Our disposition of the case remains unchanged. In this trust management dispute involving
three separate trusts, Roman Alpert and Renee Picazo, Guardian of the Estate of Daniel Alpert,
a minor (collectively, the beneficiaries), appeal the trial court's judgment. ...
Kennedy v. Hudnall
... This is an attempt to appeal from a post-judgment order. The plaintiffs below 522 were several
trusts [1] (collectively, the Trusts) who, on February 14, 2007, had obtained a final judgment
of just over $300,000.00 against Major Kennedy, Jr., for theft of timber. ...
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