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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.
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.
The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife (more...)
The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.
failure of issue
A situation in which a person dies without children who could have inherited her property.
A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.
A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half (more...)
A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of the property goes to the beneficiaries named in the trust -- commonly, the grown children of the couple -- with the crucial condition that the surviving spouse has the right to use the property for life and is entitled to any income it generates. The surviving spouse may even be allowed to spend principal in certain circumstances. When the surviving spouse dies, the property passes to the trust beneficiaries. It is not considered part of the second spouse's estate for estate tax purposes. Using this kind of trust keeps the second spouse's taxable estate half the size it would be if the property were left directly to the spouse. This type of trust is also known as a bypass or credit shelter 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 (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.
power of appointment
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust (more...)
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.
After considering the Committee's proposals and reviewing the relevant legislation, we adopt
all the Committee's proposals except the proposed amendment to subdivision (b) of rule
5.260. Consistent with statutory changes made by chapter 2010-132, section 3, Laws of ...
... We have for review an order admitting to probate the Last Will and Testament of decedent Ferral
Lee McCormick, Sr., but denying letters of administration to appellant Ferral Lee McCormick,
Jr., whom the testate decedent had duly nominated as personal representative. ...
... VILLANTI, Judge. Lutheran Services Florida, Inc., the guardian of Bertha Shell, appeals
from the probate court's order denying its objections to an earlier order that awarded
Lutheran Services guardian's fees in an amount less than it requested. ...