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Dictionary of Law |
marital deduction :: legal definitionMarital deduction - n. an estate tax deduction allowed a surviving spouse of half of the value of the estate of the deceased spouse. Thus, the minimum value of the estate before there is a possible federal estate tax rises from $600,000 (the level where estate tax begins to be calculated and charged) to $1,200,000 at the death of the first spouse to die. In trusts which a married couple creates, they can agree that on the death of the first to go, the amount of the property which is given to the survivor is limited to the amount which will not be subject to federal estate tax, thus delaying some or all estate tax until the death of the surviving spouse. Such trust provisions should be written only by an attorney and with consultation with an accountant or financial adviser. See also: community property estate tax trust and Related Law Terms ↓ Related Law Termsabandonment :: n. the act of intentionally and permanently giving ... : abandon abandoned property patentaccretion :: n. 1) in real estate, the increase of the actual l ... cted event. See also: probate trust ad valorem :: adj. Latin for "based on value," which applies to ... per parcel. See also: property tax 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 appraiser :: n. a professional who makes appraisals of the valu ... isal Institute). See also: appraise assess :: v. to set a value on property, usually for the pur ... e place upon sale of real property. bad debt :: n. an uncollectible debt. The problem is to determ ... ust no income on which to be taxed. bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy basis :: n. the original cost of an asset to be used to det ... ssistance. See also: adjusted basis breach :: 1) n. literally, a break. A breach may be a failur ... breach of trust breach of warranty capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust child support :: n. court-ordered funds to be paid by one parent to ... ild custody divorce spousal support claim against an estate :: n. upon the death of a person and beginning of pro ... ade to the heirs. See also: probate commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another. community property :: n. property and profits received by a husband and ... and distribution separate property contemplation of death :: n. the anticipation of death in a relatively short ... e also: unified estate and gift tax contingent interest :: n. an interest in real property which, according t ... ontingent remainder future interest 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 descent :: n. the rules of inheritance established by law in ... on inheritance intestate succession dominant estate :: n. in real estate law, the property retained when ... See also: easement servient estate double taxation :: n. taxation of the same property for the same purp ... it is not discriminatory or unfair. dower :: n. an old English common law right of a widow to o ... t and distribution widow's election equity :: n. 1) a venerable group of rights and procedures t ... ry enjoin equitable injunction writ estate tax :: n. generally a federal tax on the transfer of a de ... commonly called an inheritance tax. execution :: n. 1) the act of getting an officer of the court t ... so: death penalty writ of execution executor :: n. the person appointed to administer the estate o ... sed decedent executrix probate will fair market value :: n. the amount for which property would sell on the ... so: appraise appraiser market value fiduciary :: 1) n. from the Latin fiducia, meaning "trust," a p ... lation fiduciary relationship trust foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default foreclosure sale :: n. the actual forced sale of real property at a pu ... dicial sale mortgage sheriff's sale 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 heir :: n. one who acquires property upon the death of ano ... y pretermitted heir succession will impound :: v. 1) to collect funds, in addition to installment ... cases. See also: forfeit forfeiture in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will income tax :: n. a tax on an individual's net income, after dedu ... al government. See also: income tax insurance :: n. a contract (insurance policy) in which the insu ... t clause Workers' Compensation Acts 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 laches :: n. the legal doctrine that a legal right or claim ... , breach of contract, fraud, etc.). land :: n. real property, real estate (and all that grows ... See also: real estate real property lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will lease :: 1) n. a written agreement in which the owner of pr ... triple net lease unlawful detainer leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging. levy :: 1) v. to seize (take) property upon a writ of exec ... heriff's sale tax writ of execution 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 market value :: n. the price which a seller of property would rece ... ich are often called "comparables." merger :: n. 1) in corporate law, the joining together of tw ... and taking one, and wife the other. mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed net estate :: n. the remaining estate of a person who has died, ... alue. See also: estate tax gift tax notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice operation of law :: n. a change or transfer which occurs automatically ... atically upon the child turning 18. 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. property tax :: n. an annual governmental tax on real property or ... are made. See also: ad valorem tax protest :: 1) v. to complain in some public way about any act ... dishonored (not paid by the bank). real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit. real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial 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 rental value :: n. the amount which would be paid for rental of si ... alimony to be paid. See also: rent resulting trust :: n. a trust implied by law (as determined by a cour ... See also: constructive trust trust separate property :: n. in community property states (California, Texas ... pouse. See also: community property servient estate :: n. real property which has an easement or other us ... See also: dominant estate easement statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax Tax Court :: n. a federal agency with courts in major cities wh ... Appeals. See also: court income tax title report :: n. the written analysis of the status of title to ... lso: abstract title title insurance tort :: n. from French for "wrong," a civil wrong or wrong ... nce slander trespass wrongful death trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor unified estate and gift tax :: n. in federal estate taxes, the value of the estat ... turn. See also: estate tax gift tax 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 - MM. O. :: n. slang for modus operandi, the way or pattern in ... her crime. See also: modus operandimagistrate :: n. 1) a generic term for any judge of a court, or ... ce of the peace preliminary hearing Magna Carta :: n. Latin for "Great Charter," it was a document de ... s. It is also spelled Magna Charta. mail box rule :: n. in contract law, making a written offer or acce ... nse in hand when the time runs out. maim :: v. to inflict a serious bodily injury, including m ... to a prison term. See also: mayhem majority :: n. 1) the age when a person can exercise all norma ... t. See also: child infancy minority make :: v. 1) to create something. 2) to sign a check, pro ... xchange check maker promissory note make one whole :: v. to pay or award damages sufficient to put the p ... fault of another. See also: damages maker :: n. 1) the person who signs a check or promissory n ... : check payee payor promissory note malfeasance :: n. intentionally doing something either legally or ... sponsibility. See also: misfeasance malice :: n. a conscious, intentional wrongdoing either of a ... cution murder public figure slander malice aforethought :: n. 1) the conscious intent to cause death or great ... : first degree murder malice murder malicious prosecution :: n. filing a lawsuit with the intention of creating ... vor of the victim. See also: malice malpractice :: n. An act or continuing conduct of a professional ... eed. See also: errors and omissions malum in se :: (mal-uhm in say) adv. Latin referring to an act th ... hibitum. See also: malum prohibitum malum prohibitum :: (mal-uhm prohibit-uhm) adj. Latin meaning "wrong d ... lso: malum in se white collar crime mandamus :: (man-dame-us) n. Latin for "we order," a writ (mor ... mandamus. See also: writ of mandate mandate :: n. 1) any mandatory order or requirement under sta ... See also: mandamus writ of mandate mandatory :: adj., adv. absolutely demanded or required. ... v. absolutely demanded or required. mandatory joinder :: n. the required inclusion of a party in a lawsuit ... sues in the case. See also: joinder |