Estate Planning terms T

Tangible Property: Property that can be perceived by the senses such as real estate, personal and moveable property that has value in and of itself and is not just a representation of real value.

Tax Basis: The cost of an asset used to calculate income and estate taxes due under Internal Revenue Code and IRS regulations.

Tenants In Common: Form of ownership where two or more persons have an undivided interest in an asset. Ownership shares are not required to be equal.

Term Insurance: A life insurance that gives temporary protection for a specified number of years.

Testamentary Trust: A trust established after grantor’s death under the provisions of the grantor's will.

Testator: Person who writes and signs a will.

Title:  Evidence of property ownership.

Transfer for Value Rule: A federal tax law stipulating that if life insurance ownership is transferred for a valuable consideration, a part of the death proceeds is treated as gross income rather tax exempt death proceeds. The five "safe harbor" exceptions to this rule are: a transfer to the insured, to a partner of the insured, to a partnership where the insured is a partner, to a corporation where the insured is a shareholder or officer, and to a corporation from another corporation in a tax-free reorganization.

Trust: A legal arrangement where a person (trustor) gives fiduciary control of property to another person or organization (trustee) for the beneficiaries’ benefit.

Trust Declaration or Trust Instrument: Legal document that describes the nature and duration of the trust, defines the powers of the trustee, and identifies the trust's beneficiary(ies).

Trust Transfer Deed: A document used to pass property interests to a trust.

Trustee: An person or organization that holds, manages, or invests assets for another’s benefit.
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