Beneficiary Designation

“Beneficiary designation” means a governing instrument naming a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in the beneficiary form (TOD), or of a pension, profit sharing, retirement, or similar benefit plan, or other nonprobate transfer at death.

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Beneficiary

“Beneficiary”, as it relates to a trust beneficiary, includes a person who has any present or future interest, vested or contingent, and also includes the owner of an interest by assignment or other transfer; as it relates to a charitable trust, includes any person entitled to […]

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Basis

The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.

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Asset Protection

An Asset Protection process is a legal approach/strategy designed to protect an individual’s property from legal problems and taxes in his/her lifetime and upon his/her death.

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Assets

Generally, assets include all types of property which can be made available for the payment of debts.

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Annuity

Annuity pertains to the periodic disbursement of a specific amount of money, with such disbursements to continue for life or for a pre-determined number of years.

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Annual Gift Tax Exclusion

Annual exclusion is the amount of property the IRS allows an individual to give to another during a calendar year before a gift tax is assessed and/or a gift tax return must be filed.

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Ancillary Probate

Ancillary Probate is a probate proceeding opened in a state other than the state where the decedent is domiciled at the time of death, or where the primary probate occurs.

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Affidavit of Survivorship

An Affidavit of Survivorship is a sworn, written statement establishing the identity of the survivor in a joint tenancy or other property ownership relationship.

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Affidavit of Domicile

An Affidavit of Domicile is a sworn, written statement establishing the city, county, and state of residence.

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