Kealakekua Trusts Lawyer, Hawaii
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LEGAL TERMS
PUBLIC ADMINISTRATOR
Someone appointed by a probate court to oversee probate proceedings when a person dies without a will or heirs, and his or her property is expected to pass to t... (more...)
Someone appointed by a probate court to oversee probate proceedings when a person dies without a will or heirs, and his or her property is expected to pass to the state. Some states have public administrators who are responsible for temporarily preserving the assets of an estate if there are disputes about specific provisions in the will or about who will be appointed the regular administrator.
RESIDUARY ESTATE
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court c... (more...)
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn't name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.
BYPASS TRUST
A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.
PROPERTY CONTROL TRUST
Any trust that imposes limits or controls over the rights of trust beneficiaries. These trusts include (1) special needs trusts designed to assist people who ha... (more...)
Any trust that imposes limits or controls over the rights of trust beneficiaries. These trusts include (1) special needs trusts designed to assist people who have special physical, emotional or other requirements, (2) spendthrift trusts designed to prevent a beneficiary from wasting the trust principal; and (3) sprinkling trusts that allow the trustee to decide how to distribute trust income or principal among the beneficiaries.
CREDIT SHELTER TRUST
See AB trust.
MARITAL LIFE ESTATE TRUST
See AB trust.
POUR-OVER WILL
A will that 'pours over' property into a trust when the will maker dies. Property left through the will must go through probate before it goes into the trust.
BENEFICIARY
A person or organization legally entitled to receive benefits through a legal device, such as a will, trust or life insurance policy.
ESTATE TAXES
Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and... (more...)
Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and whether or not it goes through probate after your death, is subject to federal estate tax. Currently, however, federal estate tax is due only if your property is worth at least $2 million when you die. The estate tax is scheduled to be repealed for one year, in 2010, but Congress will probably make the repeal (or a very high exempt amount) permanent. Any property left to a surviving spouse (if he or she is a U.S. citizen) or a tax-exempt charity is exempt from federal estate taxes. Many states now also impose their own estate taxes or inheritance taxes.
SAMPLE LEGAL CASES
Marn v. Marn
... Steven Guttman, (Ressner Umebayashi Bain & Matsunaga), for Plaintiffs-Appellees, JAMES KM
DUNN, Successor Trustee of the ANNABELLE Y. DUNN TRUST DATED JUNE 18, 1991, and
JERRY TARUTANI and HUO CHEN, Co-Trustees of the DUNN CHILDREN'S TRUSTS. ...
HAWAIIAN ASSOCIATION OF SEVENTH-DAY ADVENTISTS v. Wong
... The Property was originally owned by EAK Trust and the Augustus F. Knudsen Trust
(jointly, "the Trusts"). In 1949, the Trusts leased the Property to Valdemar L'Orange
Knudsen who, in turn, assigned the lease to Kahili Mountain Park, Inc. ...
Lee v. HSBC BANK USA
... Pooling and Servicing Agreement Dated as of April 1, 2007 SG Mortgage Securities Trust 2007
NC1 Asset Backed Certificates, Series 2007 NC1, Defendants-Appellees, and John Does 1-10;
Jane Does 1-10; Doe Corporations 1-10; Doe Partnerships 1-10; Doe Trusts 1-10 ...
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