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Estate Planning Fundamentals

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Crummey Trust

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A trust that allows parents to gift money to their children while taking advantage of the annual gift tax exclusion, with the beneficiary having limited time to withdraw the gift.

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Estate Tax

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A tax imposed on the transfer of the 'taxable estate' of a deceased person, whether such property is transferred via a will or according to state laws of intestacy.

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Gift Tax

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A federal tax applied to an individual giving anything of value to another person; for something to be considered a gift, the giving party must not expect to receive anything in return.

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Irrevocable Trust

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A type of trust where its terms cannot be modified, amended, or terminated without the permission of the grantor's named beneficiary or beneficiaries.

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Conservatorship

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A legal concept in the United States where a guardian or a protector is appointed by a judge to manage the financial affairs and/or daily life of another due to physical or mental limitations, or old age.

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Will

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A legal document expressing a person's wishes regarding the distribution of their property after death.

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Power of Attorney

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A legal document that grants an individual the authority to act for another person in specified or all legal or financial matters.

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Community Property

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A form of ownership by husband and wife during their marriage that they intend to own together. Most property acquired during a marriage is considered community property in certain states.

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Beneficiary

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A person or entity entitled to receive benefits from a will, trust, or insurance policy.

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Tenancy in Common

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A form of co-ownership where each owner holds an individual interest in the property which may be unequal, and there is no automatic right of survivorship.

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Annual Exclusion

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The amount of money that one person may transfer to another as a gift without incurring a gift tax or having to report the gift to the IRS.

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Guardianship

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A legal process used when an individual cannot legally make decisions for themselves, and another person or entity is appointed to make legal, financial, and healthcare decisions on their behalf.

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Life Estate

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A legal arrangement to transfer property upon someone's death where the individual retains the right to use the property for the duration of their life.

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Pour-Over Will

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A will designed to ensure that any assets not already included in a trust will be transferred to the trust upon the individual's death.

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Probate

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The legal process through which a deceased person's estate is properly distributed to heirs and designated beneficiaries and any debt owed to creditors is paid off.

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Health Care Directive

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A legal document in which an individual specifies what actions should be taken for their health if they are no longer able to make decisions for themselves due to illness or incapacity.

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Revocable Trust

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A trust that can be altered or terminated during the lifetime of the grantor. Also known as a 'living trust', this kind of trust is typically used to avoid probate.

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Intestate Succession

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The order of who inherits property when someone dies without a will, determined by state laws.

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Tenancy by the Entirety

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A form of joint tenancy between married spouses with a right of survivorship, which can't be dissolved unless both parties agree, or they divorce.

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Special Needs Trust

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A trust designed to provide for the needs of an individual with a disability without disqualifying them from benefits like Supplemental Security Income (SSI) or Medicaid.

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Trust

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A fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.

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Joint Tenancy

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A form of legal co-ownership of property where all owners have an equal share and interest, and the right of survivorship exists.

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Executor

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A person designated in a will to administer the decedent's estate, responsible for ensuring that the decedent's last wishes are carried out according to the will.

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Codicil

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A document that modifies, deletes, or adds to the content of an existing will.

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Charitable Remainder Trust

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A trust that provides income to the donor or other beneficiaries for a specific term, after which the remainder of the trust is donated to a specified charity.

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