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Dictionary of Law |
charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: legal definitionCharitable remainder trust (Charitable Remainder Irrevocable Unitrust) - n. a form of trust in which the donor (trustor or settlor) places substantial funds or assets into an irrevocable trust (a trust in which the basic terms cannot be changed or the gift withdrawn) with an independent trustee, in which the assets are to go to charity on the death of the donor, but the donor (or specific beneficiaries) will receive regular profits from the trust during the donor's lifetime. The IRS will allow a large deduction in the year the funds or assets are donated to the trust, and the tax savings can be used to buy an insurance policy on the life of the donor which will pay his/her children the proceeds upon the donor's death. Thus, the donor (trustor) can make the gift to charity, receive a return on his/her money and still arrange to make a large gift at death to his/her heirs. The disadvantage is that the assets are permanently tied up or committed. See also: trust and Related Law Terms ↓ Related Law Termsadvancement :: n. a gift made by a person to one of his or her ch ... tate gift in contemplation of deathbank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc." bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy basis :: n. the original cost of an asset to be used to det ... ssistance. See also: adjusted basis child custody :: n. a court's determination of which parent, relati ... pport custody divorce joint custody commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another. competent :: adj. 1) in general, able to act in the circumstanc ... all bases. See also: evidence will conditional bequest :: n. in a will, a gift which will take place only if ... rries." See also: bequest executory contemplation of death :: n. the anticipation of death in a relatively short ... e also: unified estate and gift tax contingent beneficiary :: n. a person or entity named to receive a gift unde ... lso: contingent contingent interest cy pres doctrine :: n. (see-pray doctrine) from French, meaning "as cl ... ey among several S.P.C.A. chapters. declaration of trust :: n. the document signed by a trustor (settlor) crea ... also: settlor trust trustee trustor deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance devisee :: n. a person who receives a gift of real property b ... will. See also: beneficiary legatee distribute :: v. 1) the dividing up of those assets of an estate ... and distribution probate trust will file :: 1) v. to deposit with the clerk of the court a wri ... rrespondence and notes on the case. generation skipping :: adj., adv. referring to gifts made through trusts ... to a grandchild without a gift tax. gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax guardian :: n. a person who has been appointed by a judge to t ... torship. See also: conservator ward heir :: n. one who acquires property upon the death of ano ... y pretermitted heir succession will impute :: v. 1) to attach to a person responsibility (and th ... also. See also: vicarious liability in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will injunction :: n. a writ (order) issued by a court ordering someo ... t. See also: injunctive relief writ insanity :: n. mental illness of such a severe nature that a p ... M'Naughten rule temporary insanity insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy inter vivos trust :: n. a trust created by a writing (declaration of tr ... nter vivos testamentary trust trust judgment creditor :: n. the winning plaintiff in a lawsuit to whom the ... 's rights judgment prevailing party lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will last clear chance :: n. a rule of law in determining responsibility for ... contributory negligence negligence libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property. limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor malpractice :: n. An act or continuing conduct of a professional ... eed. See also: errors and omissions marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice per stirpes :: (purr stir-peas) adj. Latin for "by roots," by rep ... descent and distribution trust will pour over will :: n. a will of a person who has already executed a t ... invalid trust. See also: trust will pro rata :: (proh rat-ah or proh ray-tah) adj. from Latin for ... e year in which he/she holds title. product liability :: n. the responsibility of manufacturers, distributo ... e known. See also: warrant warranty receiver :: n. 1) a neutral person (often a professional trust ... owing they were obtained illegally. reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation. remainder :: n. in real property law, the interest in real prop ... ed reversion title vested remainder savings and loan :: n. a banking and lending institution, chartered ei ... vings into the home finance market. settlor :: n. the person who creates a trust by a written tru ... the trust. See also: trust trustor spendthrift clause :: n. a provision in a trust or will that states that ... tly to Junior. See also: trust will statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll transfer in contemplation of death :: n. giving property under the belief of the giver t ... lso: gift in contemplation of death trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor trustee :: n. a person or entity who holds the assets (corpus ... es. See also: settlor trust trustor trustor :: n. the creator of a trust (who normally places the ... ern states. See also: settlor trust will :: n. a written document which leaves the estate of t ... will and testament probate testator Popular Law Searcheslegal 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 - CC.I.F. :: n. the total of cost, insurance and freight charge ... aid on goods purchased and shipped.calendar :: 1) n. the list of cases to be called for trial bef ... clerk of the court calendars cases. calendar call :: n. the hearing at which a case is set for trial. ... g at which a case is set for trial. call :: n. the demand by a corporation that a stockholder ... assessment on shares already owned. calumny :: n. the intentional and generally vicious false acc ... 's reputation. See also: defamation cancel :: v. to cross out, annul, destroy, void and/or resci ... g, so that it cannot be used again. cancellation :: cancel ... cancel caning :: n. a punishment for crimes employed in certain Asi ... last century in the United States. canon law :: n. laws and regulations over ecclesiastical (churc ... nduct with no religious connection. cap :: n. slang for maximum, as the most interest that ca ... "adjustable rate" promissory note. capital :: 1) n. from Latin for caput, meaning "head," the ba ... count capital assets stock in trade capital account :: n. the record which lists all basic assets of a bu ... or the alleged value of good will. capital assets :: n. equipment, property, and funds owned by a busin ... . See also: capital capital account capital expenditure :: n. payment by a business for basic assets such as ... y intended to improve productivity. capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange capital investment :: capital expenditure ... capital expenditure capital offense :: n. any criminal charge which is punishable by the ... . See also: bail capital punishment capital punishment :: n. execution (death) for a capital offense. The U. ... or death. See also: capital offense capital stock :: n. the original amount paid by investors into a co ... price. See also: corporation stock capitalization :: n. 1) the act of counting anticipated earnings and ... for conversion into capital assets. |