Estate Planning

A beneficiary is any person or organization that receives assets from a person after that person’s death.
A bypass trust, also called a "credit shelter trust", is a method of passing assets to beneficiaries without subjecting those assets to estate taxes.
The Chartered Trust and Estate Planner (CTEP) accreditation is issued by the American Academy of Financial Management (AAFM) for financial professionals who have demonstrated expertise in dealing with
A death tax, also called an estate tax, is a tax assessed on all or a portion of an inherited estate. Life insurance, pensions, real estate, cars, belongings and debts are all part of one's estate. "Death
In legal terms, a decedent is a dead person.  
An estate is all of an individual’s property and financial assets and liabilities at the time of his or her death.
An estate freeze is an estate planning strategy used by an owner to lock in an asset's value and avoid future tax liability when the asset is transferred to a beneficiary.
Estate planning is the act of preparing for the transfer of a person's wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all
An executor administers the distribution of an estate to beneficiaries.
Gifted stock is stock that one person gives to another person or entity.
A gifting phase is when a person begins planning for or actively begins giving away wealth as part of his or her estate planning.
An inheritance includes those assets of an estate that are bequeathed, in whole or in part, to specific heirs.
An inheritance tax, also called an estate tax, is a tax assessed on all or a portion of an inherited estate. Life insurance, pensions, real estate, cars, belongings and debts are all part of one's estate
Intestate means dying without a will.
A joint life with last survivor annuity is an annuity that provides spouses with income until both spouses have died. The annuity also gives the holder the option to give a portion of the remaining income
Joint tenants in common (JTIC) is a type of ownership wherein two or more individuals jointly own a property or portfolio of assets. If one owner dies, his or her portion of the property or portfolio
Joint tenants with right of survivorship (JTWROS) is a type of ownership in which all joint owners have equal portions of ownership that are immediately allocated to remaining owners if one owner dies.
A last will and testament is a legally-binding document in which an individual expresses his last wishes concerning the affairs and distribution of his estate.
A named beneficiary is a person identified as the recipient of benefits from a pension plan, insurance policy, trust or other instrument.
A passive trust, also called a "dry trust" or a "naked trust", is a trust into which a person transfers assets in order to pass them on to heirs or beneficiaries.
Payable on death (POD) is a bank account type or designation. It applies to accounts when the account owner designates a beneficiary or beneficiaries for the account. The assets from the account are
Probate court is a section of the court system that transfers money and property from the deceased to heirs, beneficiaries or other entities.
A qualified disclaimer is a formal refusal to accept interest in property bequeathed in a will or similar document. 
A qualified joint and survivor annuity (QJSA) gives a series of payments to a retirement plan participant’s spouse, child or dependent after the participant dies.
A qualified terminable interest property (QTIP) trust allows a grantor to provide for a spouse after death but retain control of how the trust's assets are distributed after the spouse dies.
A qualifying domestic trust (QDOT) is a trust that allows non-citizens to obtain a marital deduction.
A qualifying widow or widower is a person who can still file as married filing jointly for tax purposes.
Quality of life describes the happiness, independence and freedom available to an individual.
A revocable trust is a trust with provisions that can be altered by the grantor. Sometimes a revocable trust is referred to as a "living revocable trust."
Tenancy by entirety is property ownership in which all joint owners have equal portions of ownership that are immediately allocated to remaining owners if one owner dies. 
A wasting trust holds the assets of qualified plans when the qualified plans are frozen.
A will is a legal document that indicates how a person wants his or her estate (money and property) to be distributed after death. Wills must expressly state to whom the will belongs and be signed, dated