Hartford Wills & Probate Lawyer, Connecticut, page 2

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LEGAL TERMS

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.

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.

CREDIT SHELTER TRUST

See AB trust.

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.

CONTINGENT BENEFICIARY

1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisf... (more...)
1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisfied. For example, if Fred is entitled to take property under a will only if he's married at the time of the will maker's death, Fred is a contingent beneficiary. Similarly, if Ellen is named to receive a house only in the event her mother, who has been named to live in the house, moves out of it, Ellen is a contingent beneficiary.

NET ESTATE

The value of all property owned at death less liabilities or debts.

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.

DEATH TAXES

Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who... (more...)
Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who inherit property.

EXEMPTION TRUST

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.

SAMPLE LEGAL CASES

Sandford v. Metcalfe

... This is an appeal from the judgments of the trial court sustaining two appeals from the Probate Court for the district of Greenwich, which refused to authorize a distribution to the plaintiffs, Irene Sandford and Gretchen Pulvermann, in accordance with the will of Mary Jane Watson ...

Heussner v. Hayes

... memorandum of decision granting the motions of the defendants Gregory A. Hayes and George T. Heussner, conservators of the estate of Anastasia Heussner (ward), to dismiss two companion appeals [1] filed by the plaintiff, Janet D. Heussner, from orders of the Probate Court. ...

IN RE PROBATE APPEAL OF CADLE COMPANY

In re PROBATE APPEAL OF CADLE COMPANY. In re Probate Appeal of David D'Addario, Executor (Estate of F. Francis D'Addario), et al. ... David W. Rubin and Andrew J. Soltes, Jr., in support of the petition. ... The petition by the executors of the estate of F. Francis D'Addario, ...

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