Las Vegas

  Estate Planner.
HOME ABOUT US FAQ'S RESOURCES CONTACT US FREE CASE REVIEW
August 20, 2008
Estate-Planning
             
 
Selecting a financial planner for your financing is a very important decision. Please enter your information below to locate a qualified financial planner in your area
 
Zip Code:   
 

Estate Planning Terms and Definitions

 

 

 

Personal Property
Movable property, including furniture, antiques, automobiles, business equipment, cash and stocks. Compare with Real Property.

Transfer Tax
The combined Federal Estate and Gift tax. A single exemption credit applies whether the property was transferred during a person's lifetime (gift tax) or is held by a person at the time of his/her death (estate tax).

Devise
A gift made by a will or a trust. A devise is made to a beneficiary under the terms of the will or trust.

Trust
A long recognized legal concept (first used in ancient Greece during the times of Socrates and Plato) in which some or all property of a Trust Creator is held on behalf of a beneficiary (which may include the trust creator) in the name of the Trustee.

Estate
The total of all assets, all debts and other obligations of an individual. At the time of death the total amount of benefits (life insurance, annuity and retirement benefits) to be paid to beneficiaries are often also considered part of the estate for Federal Estate Tax purposes

Family Limited Partnership
A legal partnership agreement between members of a family for the management and control of property for the benefit of family members. Sometimes used to minimize transfer taxes.

Incapacity / Incompetent
Legally unable to manage one's own affairs due to mental disability. This may be temporary or permanent.

Gross Estate
The value of an estate before the debts are paid. In California Probate statutory attorneys and personal representatives fees are usually calculated based on the gross value of the estate, so that the value of the home is calculated before deducting the amount due on the mortgage.

Tenancy-in-Common
A form of ownership of property in which two or more persons share ownership (may be equal or unequal shares). At the death of a tenant-in-common, his/her share in the property transfers to his/her heirs, rather than to the other surviving owner(s). Compare with Joint Tenancy.

Probate
The process through which the legal title to property is transferred from a decedent to the beneficiaries. If a person dies with a will (testate), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property is distributed by the Personal Representative or Executor according to the terms of the will. If a person dies without a will (intestate) the probate court appoints an Administrator who receives all claims, pays creditors, and then distributes all property according to the laws of the state.

 

Contact our Nevada estate planning attorney now.

 
Did You Know?    
 
 
A "Living Trust" can be used to hold legal title to and provide a mechanism to manage your property
You can select the person or persons you want -- often even yourself -- as the Trustee(s) to carry out the instructions you want in the Trust and name one or more Successor Trustees to take over if you cannot. Unlike a Will, a Trust usually becomes effective immediately, continues in force during your lifetime even in the event of your incapacity, and continues after your death. Most Trusts are "revocable" which allows the person who creates the Trust to make future changes, modifications and even to terminate it.

 


  Newsroom  
 


Latest news about Financial & Estate Planning in Nevada and nationwide:

President's Plan to Strengthen Retirement Security
President's Plan to Strengthen Retirement Security

President Bush believes that economic freedom is essential to individual success and pr...

Read more >


Estate And Gift Taxes

Generally, you do not need to file a gift tax return unless you give someone, other than your spouse, money or property worth more than th...

Read more >


Economic Benefits Of Estate Tax Repeal Should Be Made Permanent
WASHINGTON, D.C. - The positive effects of repealing the estate tax should be made permanent, Vice Chairman Jim Saxton said today in releasing a ne...
Read more >


More Estate Planning News >

 
 

Estate Planning Terms

 


Today's Terms

Fiduciary

Definition:
A person in whom one places great confidence in and upon whom one relies for his or her integrity, trust, and good faith. A fiduciary has the legal duty to act in the best interest and benefit of another and therefore is held to the very highest legal standards. A trustee is a fiduciary.

Personal Property

Definition:
Movable property, including furniture, antiques, automobiles, business equipment, cash and stocks. Compare with Real Property.

Probate

Definition:
The process through which the legal title to property is transferred from a decedent to the beneficiaries. If a person dies with a will (testate), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property is distributed by the Personal Representative or Executor according to the terms of the will. If a person dies without a will (intestate) the probate court appoints an Administrator who receives all claims, pays creditors, and then distributes all property according to the laws of the state.

More Estate Planning Terms >

 

Estate Planning Resources

 


Search Estate Planning resources in our resource center:

More Resources >

Estate Planning Hot Topics

 
Topics Related to Estate Planning:

  • Trusts
  • Wills
  • Uniform Probate Code
  • Gift Tax

More Estate Planning Topics >

Nevada Estate-Planning Attorney

 
If you live in the following cities and need an Estate-Planning attorney you should contact our Estate-Planning Attorney as soon as possible:

  • Boulder City
  • Carson City
  • Elko
  • Fallon
  • Gardnerville
  • Henderson
  • Las Vegas
  • North Las Vegas
  • Pahrump
  • Reno
  • Sparks
  • Sun Valley
  • Winnemucca
 


Legal Disclaimers
All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Las Vegas Estate Planner.com is not intended to be legal advice, but merely conveys general information related to legal issues commonly encountered. Your access to and use of this website is subject to additional Terms and Conditions.

Copyright © 2008 Orion Foundry (US), Inc. - All rights reserved.