The Law Dictionary for Everyone
When a trust is created, the person creating the trust (the “grantor”) transfers ownership of certain specified property and financial assets to it for the benefit of others he has named as “beneficiaries.” A third party (a “trustee”) is designated by the grantor to manage the trust according to the directions given. In a regular, or “revocable trust,” the grantor […]
Read moreEstate taxes are taxes imposed by the federal government on property that is transferred after a person dies, whether according to deceased person’s will or other estate planning documents, or by order of the probate court. While it is commonly known that federal estate taxes apply in certain cases, states may also tax such inheritances. To explore this concept, consider […]
Read moreIn its most basic terms, a “beneficiary” is a person or entity that receives financial or other benefits from a patron or benefactor. While the concept of a beneficiary is commonly thought of in relation to wills and trusts, it is also used in connection with insurance policies and contracts. The beneficiary of an insurance policy is the individual that […]
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