The Law Dictionary for Everyone
Joint tenancy is a situation wherein two people hold equal ownership in a single piece of real property. Both names are on the deed, and each person has a 50 percent ownership stake in that particular piece of property. If one of the two people dies, then the other person automatically takes complete ownership of the property. To explore this […]
Read moreAn illegitimate child is a child who is born to parents who are not married to each other, or who is born “out of wedlock.” An illegitimate child may also be referred to as a “bastard,” or a “love child.” Perhaps one of the most famous illegitimate children in Hollywood was the love child born to actor and the former […]
Read moreWhile all adults have the right to refuse potentially life-prolonging treatments in the face of death, it is illegal in most states for them to intentionally end their lives. Death with Dignity act is based on a growing movement in the United States, which believes that a terminally ill person should have the right to decide when, where, and how […]
Read moreThe Latin term per stirpes is commonly used in estate planning to describe how a person making a will would like his assets to be distributed. In case a family beneficiary dies before the will’s owner, a per stirpes distribution means that person’s portion of the assets go directly to that beneficiary’s heirs. There are other options if the will’s […]
Read moreInheritance tax is an estate planning term that refers to a tax on property inherited on a person’s death. The person inheriting the money or property must pay the tax, which is levied by the state in which the heir lives, or where the real property resides. Inheritance taxes are state taxes, and only a few states still impose them. […]
Read moreAttorney-in-fact is the term used to refer to a person authorized, through a power of attorney document, to act on behalf of another person. An attorney-in-fact is endowed with specific powers and responsibilities in the legal document, which may be very broad, or very narrow, depending on the needs of the person executing the document (the “principal”). To put it […]
Read moreA trust is an estate planning tool used by people to protect their assets during their lifetime, and to dictate how those assets are to be disbursed upon their death. A family trust, also known as a “by-pass trust,” is a trust created by a married couple with a large estate for the purpose of avoiding federal estate taxes when […]
Read moreA trust is an estate planning device created by an individual to manage his assets, and to specify how those assets are to be distributed after his death. This individual, called a “Trustor,” transfers ownership of as much of his real and personal property, as well as financial assets, as he desires into the trust to be managed by a […]
Read moreA personal property tax is a levy imposed on a person’s property. The tax is levied by the jurisdiction where the property is located and it includes tangible property that is not real property. Tangible property includes movable man-made objects that have a physical form and can be seen and touched. Not every state requires personal property tax to be […]
Read moreA trust is an estate planning tool created to manage an individual’s assets for the benefit of others. A special needs trust is a unique type of trust which enables a mentally or physically disabled, or chronically ill person, to receive certain income without negatively affecting his eligibility for needs-based public assistance. These government assistance programs include, among others, Social […]
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