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unified estate and gift tax :: legal definition


Unified estate and gift tax - n. in federal estate taxes, the value of the estate plus gifts upon which no gift tax has been paid are combined to determine the assets upon which the tax is calculated. The estate tax "kicks in" at $600,000 for each deceased person. In larger estates an experienced accountant is virtually mandatory to determine the estate tax (if any) and prepare the tax return.

See also: estate tax gift tax and Related Law Terms ↓


Related Law Terms

advancement :: n. a gift made by a person to one of his or her ch ... tate gift in contemplation of death
appraise :: v. to professionally evaluate the value of propert ... surance claims. See also: appraiser
contemplation of death :: n. the anticipation of death in a relatively short ... e also: unified estate and gift tax
estate tax :: n. generally a federal tax on the transfer of a de ... commonly called an inheritance tax.
executor :: n. the person appointed to administer the estate o ... sed decedent executrix probate will
generation skipping :: adj., adv. referring to gifts made through trusts ... to a grandchild without a gift tax.
gift :: n. the voluntary transfer of property (including m ... ift tax unified estate and gift tax
gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax
gift tax :: n. federal tax on large gifts. Gifts to members of ... ance in gift tax planning is vital.
joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title
jurisdiction :: n. the authority given by law to a court to try ca ... Superior Court Supreme Court venue
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
net estate :: n. the remaining estate of a person who has died, ... alue. See also: estate tax gift tax
pro rata :: (proh rat-ah or proh ray-tah) adj. from Latin for ... e year in which he/she holds title.
reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation.
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
will :: n. a written document which leaves the estate of t ... will and testament probate testator

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - U

UCC-1 :: n. a financing agreement form for using personal p ... (UCC) adopted in almost all states.
ultimate fact :: n. in a trial, a conclusion of fact which is logic ... is not evidence. See also: evidence
ultra vires :: (uhl-trah veye-rehz) adj. Latin for "beyond powers ... it is issued. See also: corporation
ultrahazardous activity :: n. an action or process which is so inherently dan ... sional auto race on public streets.
unclean hands :: n. a legal doctrine which is a defense to a compla ... ough. See also: affirmative defense
unconscionable :: adj. referring to a contract or bargain which is s ... ee also: adhesion contract contract
unconstitutional :: adj. referring to a statute, governmental conduct, ... ee also: constitution Supreme Court
under the influence :: n. one of many phrases for being drunk on alcoholi ... See also: driving while intoxicated
underwrite :: v. 1) to agree to pay an obligation which may aris ... antee guarantor insurer underwriter
underwriter :: n. a company or person which/who underwrites an in ... ss or project. See also: underwrite
undisclosed principal :: n. a person who uses an agent for his/her negotiat ... dispute. See also: agent principal
undivided interest :: n. title to real property held by two or more pers ... y by the entirety tenancy in common
undue influence :: n. the amount of pressure which one uses to force ... ounder. See also: will will contest
unfair competition :: n. wrongful and/or fraudulent business methods to ... ctices tend to harm one's business.
unified estate and gift tax :: n. in federal estate taxes, the value of the estat ... turn. See also: estate tax gift tax
Uniform Commercial Code :: n. a set of statutes governing the conduct of busi ... s except Louisiana. See also: UCC-1
unilateral contract :: n. an agreement to pay in exchange for performance ... consideration contract performance
uninsured motorist clause :: n. the clause in a policy of insurance on an autom ... l pay its insured's actual damages.
unissued stock :: n. a corporation's shares of stock which are autho ... poration share stock treasury stock
unjust enrichment :: n. a benefit by chance, mistake or another's misfo ... perty. See also: constructive trust