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Creado por Brandie Westhart
hace más de 1 año
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Pregunta | Respuesta |
Adjusted gross estate | gross estate reduced by administrative expenses, debts of the decedent, losses incurred during the administration of the estate, and state death taxes. |
Adjusted taxable gifts | cumulative taxable gifts from previous years other than gifts already included in the gross estate valued at date of gift values. |
Alternative valuation date | the date six months after the decedent’s date of death. |
Annual exclusion | amount of gifts allowed to be made each year per donee (regardless of the number of donees) to prevent the taxation of relatively small gifts ($15,000 per donee per year currently). |
Applicable credit | also known as the unified credit, the amount of current tax on the exemption equivalent; designed to prevent transfer taxation of smaller cumulative transfers. |
Beneficiary | person for whom trust property is held and administered. |
Carryover basis | the basis of an asset the transferee takes in property received in a nontaxable exchange. The basis of the asset carries over from the transferor to the transferee. |
Common-law states | the 41 states that have not adopted community property laws. |
Community property states | nine states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin) that automatically equally divide the ownership of property acquired by either spouse during a marriage. |
Complex trust | a trust that is not required by the trust instrument to distribute income currently. |
Corpus | the principal or property transferred to fund a trust or accumulated in the trust. |
Current gifts | gifts completed during the calendar year that are not already exempted from the gift tax. |
Deceased spousal unused exclusion (DSUE) | amount of unused applicable credit from predeceased spouse. |
Distributable net income (DNI) | the maximum amount of the distribution deduction by fiduciaries and the maximum aggregate amount of gross income reportable by beneficiaries. |
Distribution deduction | deduction by fiduciaries for distributions of income to beneficiaries that operates to eliminate the potential for double taxation of fiduciary income. |
Donee | person receiving a gift. |
Donor | person making a gift. |
Estate | fiduciary legal entity that comes into existence upon a person’s death and is empowered by the probate court to gather and transfer the decedent’s real and personal property. |
Executor | the person who takes responsibility for collecting the assets of the decedent, paying the decedent’s debts, and distributing the remaining assets to the rightful heirs. |
Exemption equivalent | the amount of cumulative taxable transfers a taxpayer can make without exceeding the applicable credit. |
Family limited partnership | a partnership designed to save estate taxes by dividing a family business into various ownership interests representing control of operations and future income and appreciation of the assets. |
Fiduciary | a person or legal entity that takes possession of property for the benefit of beneficiaries. |
Fiduciary duty | a requirement that a fiduciary act in an objective and impartial manner and not favor one beneficiary over another. |
Future interest | the right to receive property in the future. |
Generation-skipping tax (GST) | supplemental transfer tax designed to prevent the avoidance of estate and gift taxes through transfers that skip a generation of recipients. |
Grantor | person creating a trust. |
Gross estate | property owned by the decedent at death and certain property transfers taking effect at death. |
Heirs | persons who inherit property from the deceased. |
Inter vivos transfers | gifts made by a donor during his or her lifetime. |
Joint tenancy | joint ownership of property by two or more people in equal proportions. |
Joint tenancy with right of survivorship | title to property that provides the co-owners with equal rights to it and that automatically transfers to the survivor(s) at the death of a co-owner. |
Last will and testament | the document that directs the transfer of ownership of the decedent’s assets to the heirs. |
Life estate | the right to possess property and/or collect income from property for the duration of someone’s life. |
Life insurance trust | a trust that is funded with an irrevocable transfer of a life insurance policy and that gives the trustee the power to redesignate beneficiaries. |
Marital deduction | the deduction for transfers of qualified property to a spouse. |
Nondeductible terminable interests | transfers of property interests to a spouse that do not qualify for a marital deduction because the interest of the spouse terminates when some event occurs or after a specified amount of time and the property is then transferred to another person. |
Present interest | right to presently enjoy property or receive income from the property. |
Probate | the process in the probate court of gathering property possessed by or titled in the name of a decedent at the time of death, paying the debts of the decedent, and transferring the ownership of any remaining property to the decedent’s heirs. |
Probate estate | property possessed by or titled in the name of a decedent at the time of death. |
Remainder | the right to ownership of a property that transfers to a new owner, the remainderman, following a temporary interest. |
Remainderman | the person entitled to a remainder interest. |
Reversion | terms by which ownership of property returns to the original owner following a temporary interest. |
Serial gift | transfer tax strategy that uses the annual exclusion to convert a potentially large taxable transfer into a tax-exempt transfer by dividing it into multiple inter vivos gifts spread over several periods or donees. |
Simple trust | a trust that must distribute all accounting income currently and cannot make charitable contributions. |
Taxable estate | adjusted gross estate reduced by the marital deduction and the charitable deduction. |
Taxable gifts | the amount left after adjusting current gifts for gift splitting, annual exclusions, the marital deduction, and the charitable deduction. |
Tenancy in common | ownership in which owners hold divided rights to property and have the ability to transfer these rights during their life or upon their death. |
Terminable interest | a right to property that terminates at a specified time or upon the occurrence of a specified event, such as a life estate. |
Testamentary transfers | transfers that take place upon the death of the donor. |
Trust | fiduciary entity created to hold and administer the property for other persons according to the terms of a trust instrument. |
Trustee | the person responsible for administering a trust. |
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