|One who has died.
|A document that lets you transfer title of your real estate to another person(s). Also see warranty deed and quitclaim deed.
|To refuse to accept a gift or inheritance so it can go to the recipient who is next in line.
|The full or partial power to make a decision or judgment.
|To prevent someone from inheriting from you.
|Payment in cash or asset(s) to one who is entitled to receive it.
|Durable Power of Attorney for Asset Management
|A legal document that gives another person full or limited legal authority to sign your name on your behalf in your absence. Valid through incapacity. Ends at death.
|Durable Power of Attorney for Health Care
|A legal document that lets you give someone else the authority to make health care decisions for you in the event you are unable to make them for yourself. Also called a health care proxy or medical power of attorney.
|The current market value of an asset less any loan or liability.
|Assets and debts left by an individual at death.
|Federal or state taxes on the value of assets left at death. Also called inheritance taxes or death taxes.
|Person or institution named in a will to carry out its instructions. Female is executrix. Also called a personal representative.
|Federal Estate Tax Exemption
|Amount of an individual’s estate that is exempt from federal estate taxes. As of 2014, the exemption was set at $10,000,000 (adjusted annually for inflation). The exemption amount is $11,400,000 for 2019.
|Person having the legal duty to act primarily for another’s benefit. Implies great confidence and trust, and a high degree of good faith. Usually associated with a trustee.
|The process of transferring assets to your living trust.
|The difference between what you receive for an asset when it is sold and what you paid for it. Used to determine the amount of capital gains tax due.
|Generation Skipping Transfer Tax (GSTT)
|A steep tax on assets that “skip” a generation and are left directly to grandchildren and younger generations. Under current law, the GST exemption is the same as the federal estate tax exemption (double for a married couple) with a tax rate of 35%.
|A transfer from one individual to another without fair compensation.
|A federal tax on gifts made while you are living. Currently $15,000 per person per year is exempt from gift tax. Also see “Annual Exclusion.”
|The person who sets up or creates the trust. The person whose trust it is. Also called creator, settlor, trustor, donor or trustmaker.
|The value of an estate before debts are paid.