Marital Deduction Trust - Law Dictionary Search Results

Home Dictionary Name: marital deduction trust

marital deduction trust

marital deduction trust see 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...

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