Estate Planning terms D

Decedent: The person who has passed away.

Deed: A written document that conveys property interests to another.

Deferred Compensation Plan: A plan where a company executive defers compensation, expecting to receive the deferrals plus earnings at retirement; May include company contributions.

Defined Benefit Plan: Plan where the company specifies the benefit to be delivered to the participants. Usually only involves company contributions. Company carries the investment risk.

Defined Contribution Plan: Plan where the company defines the contribution it will make to the employee's account rather than the fixed benefit that the employee will receive. Usually involves company and employee contributions; employee carries the investment risk.

Direct Skip: A transfer of property, by gift or at death, to a "skip person," who is two or more generation levels below the donor. Prompts the generation-skipping transfer tax.

Direct Transfer: A transfer of a tax-deferred retirement asset from one plan or custodian to another. Not a withdrawal and therefore does not incur any taxes or penalties.

Donor: A person who bestows a gift. The person setting up a trust may also be called a donor, trustor, grantor, or settlor.

Donee: The recipient of a gift.

Durable Power of Attorney: A written legal document that allows a “principal” to authorize an attorney-in-fact or agent to act on his or her behalf with respect to certain types of property. May remain in effect if the principal suffers from a subsequent disability or incompetency.

Durable Power of Attorney for Health Care: A written legal document granting an agent the ability to make decisions for the principal regarding healthcare matters. Can include the power to remove a physician, to have the patient discharged against medical advice, to access medical records, to have the patient moved, or to engage other treatment. 
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