One who is authorized to act for or in place of another and who owes a fiduciary duty.
The person designated by will or trust who has the right to receive or or inherit something.
Property owned by husband and wife as a result of having been acquired during the marriage (however this does not include property received by gift or inheritance during a marriage).
The individual who has died.
The real and personal property of the decedent.
One who owes to another the duties of good faith, trust, confidence, and candor. A fiduciary must exercise a high standard of care in managing another's money or property and may be held accountable for mismanagement.
Those persons who are entitled by state law to inherit the property of a decedent. Those who inherit when there is no Will.
A minor or an adult individual who, because of a physical or mental condition is substantially unable to provide food, clothing or shelter and/or to care for his/her physical health or to maintain his/her financial affairs.
Person nominated by the decedent's Will and who has been appointed by the court to act on behalf of the decedent's estate. An independent executor may administer the estate with very little supervision by the probate court.
Life insurance can play an important part in estate planning by providing funds for support, liquidity for paying estate taxes, funding buy-sell agreements, or funding charitable gifts. Creating an Irrevocable Life Insurance Trust (ILIT) to own and hold life insurance policies insures that the value of the policies will not be included in the Grantor's estate for the purposes of the federal estate tax.
A gift made to an irrevocable trust is a completed gift. A useful tool for an individual who wants to decrease the size of his or her taxable estate.
Agreement between spouses regarding the division and ownership of marital property. Agreement may be formalized before marriage (prenupt) or during the marriage.
Personal effects, jewelry, clothing, household items, car, boats, silverware, china, crystal, pictures, etc.
An executor, independent executor, or independent administrator .
Land and anything growing on, attached to or build upon the land.
Property that a spouse owned before marriage or acquired during the marriage through an inheritance or by gift.
A person who has legal title to property, holding it in a trust for the benefit of the beneficiary and owes a fiduciary duty to that beneficiary.
A trust created under §2503 of the Internal Revenue Code and allows for the transfer of property into a trust for a minor, restricts the child's right to receive principal or income and yet still qualifies for the annual exclusion. The trust typically ends when the child reaches the age of 21.
4521 San Jacinto Street
Dallas, Texas 75204
Tel: 469-687-0076
Fax: 469-687-0075
