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Inwood Trusts Lawyer, Iowa
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LEGAL TERMS
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.
INVENTORY
A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or admini... (more...)
A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or administrator of the estate is responsible for making and filing the inventory.
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (ERISA)
A federal law passed to protect pension rights. ERISA: sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to o... (more...)
A federal law passed to protect pension rights. ERISA: sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to or taken from a worker provides some protection for workers in the event certain types of pension plans cannot pay the benefits to which workers are entitled, and requires that employers provide full and clear information about employees' pension rights, including the way pension benefits accumulate, how the company invests pension funds, and when and how pension benefits can be collected.
NET ESTATE
The value of all property owned at death less liabilities or debts.
SURVIVING SPOUSE'S TRUST
If a couple has created an AB trust, the revocable living trust (Trust B) of the surviving spouse, after the first spouse has died.
INTESTATE
The condition of dying without a valid will. The probate court appoints an administrator to distribute the deceased person's property according to state law.
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.
GRANTOR RETAINED INCOME TRUST
Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for ... (more...)
Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for a period of years. When the trust ends, the property goes to the final beneficiaries you've named. These trusts are for people who have enough wealth to feel comfortable giving away a substantial hunk of property. They come in three flavors: Grantor-Retained Annuity Trusts (GRATs), Grantor-Retained Unitrusts (GRUTs) and Grantor-Retained Income Trusts (GRITs).
GROSS ESTATE
For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of prob... (more...)
For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.
SAMPLE LEGAL CASES
In re Estate of Gist
... death, to the extent of such interests, including but not limited to interests in jointly held property,
retained life estates, and interests in trusts." Id. ... In Barkema, we identified the two classifications
of support trusts, a pure support trust and a discretionary support trust. Id. at 53-54. ...
IN THE MATTER OF ESTATE OF McDOWELL
... Jur. 2d Wills § 196, at 403 (2002). Such a provision is authorized under Iowa and Oregon statutes,
[2] both adapted from the Uniform Testamentary Additions to Trusts Act (1960) ("UTATA"). ... 1 Austin
W. Scott et al., Scott and Ascher on Trusts § 7.1.3, at 352 (Aspen 5th ed. 2006). ...
IN RE MATTER OF TRUST UNDER THE LAST WILL AND TESTAMENT OF WEITZEL
... Bass, 196 NW2d at 435; see also In re Woltersdorf, 255 Iowa 914, 916, 124 NW2d 510,
511 (1963) ("The matter of fees for executors and trustees rests within the sound discretion
of the trial court."); Restatement (Third) of Trusts § 38 cmt. ...
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