Marital Deduction - Law Dictionary Search Results
Home Dictionary Name: marital deductionmarital deduction
marital deduction see deduction ...
marital deduction trust
marital deduction trust see trust ...
deduction
deduction 1 : an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also Internal Revenue Code in the Important Laws section compare credit, exclusion, exemption busi·ness deduction : a deduction usually taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profit charitable deduction : a deduction allowed for a contribution to a charity usually that is qualified under the tax law (as sections 170 and 2055 of the Internal Revenue Code) de·pen·den·cy deduction : a deduction allowed to be taken in a set amount for a qualified dependent (as under sections 151 and 152 of the Internal Revenue Code) itemized deduction : a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of such deductions exceeds the standard deduction marital deduction 1 : a deduction allowed under th...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
property
property pl: -ties [Anglo-French propreté proprieté, from Latin proprietat- proprietas, from proprius own, particular] 1 : something (as an interest, money, or land) that is owned or possessed see also asset, estate, interest, possession abandoned property : property to which the owner has relinquished all rights NOTE: When property is abandoned, the owner gives up the reasonable expectation of privacy concerning it. The finder of abandoned property is entitled to keep it, and a police officer may take possession of abandoned property as evidence without violating the Fourth Amendment to the U.S. Constitution. after-acquired property 1 : property (as proceeds) that a debtor acquires after the commencement of a bankruptcy case and that is usually considered part of the bankruptcy estate 2 : property acquired after the perfection of a lien or security interest ;esp : such property acquired after the creation of a lien or security interest that is subject to the lien or...
Marital rights
Marital rights. Rights of a husband. Where a woman, during a trety for marriage, made a settlement of property without the concurrence of her intended husband, the husband after the marriage was entitled to have such settlement set aside as a 'fraud on his marital rights' (see Strathmore v. Bowes, (1789) 1 Ves Jun 22; 1 Wh. & T.L.C.); but the Married Women's Property Act, 1882 (see MARRIED WOMEN'S PROPERTY), has virtually abolished this right of the husband, which was founded on the rule of the Common Law (abrogated by that statute) that the property of the wife became by marriage the property of the husband. The term is sometimes used as meaning conjugal rights (q.v.)....
marital
marital : of or relating to marriage or the married state ...
marital asset
marital asset see asset ...
marital portion
marital portion in the civil law of Louisiana : a one-fourth portion that a surviving spouse is entitled to claim from the estate of a spouse who has died rich in comparison to the surviving spouse compare disposable portion, falcidian portion, legitime ...
marital property
marital property see property ...
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