Annual Gift Tax Exclusion:年度赠与税豁免

Technique to allow gifts without the imposition of estate or gift taxes and without using lifetime exclusion.


Children’s or Grandchildren’s Irrevocable Education Trust:


A Trust used by parents and grandparents for a child’s or grandchild’s education.


Charitable Remainder Interest Trust:慈善余剩权益信托

A trust whereby donors transfer property to a charitable Trust and retain an income stream from the property transferred. The donor receives a charitable contribution income tax deduction, and avoids a capital gains tax on transferred property.


Family Limited Partnership:家庭有限合伙

An entity used to:


  1. Provide asset protection for partnership property from the creditors of a partner


  1. Provide protection for limited partners from creditors


  1. Enable gifts to children and parents maintaining management control


  1. Reduce transfer tax value of property


Federal Estate Tax:联邦遗产税

A tax levied by the federal government upon the estate of a deceased person. The federal government gives certain exclusions and deductions and then taxes everything above a set level.


Fractional Interest Gift:部分利益赠与

Allows a donor to transfer partial interests in real property to donees and obtain fractional interest discounts for estate and gift tax purposes.



Is the process that entails transferring assets you own as an individual into the name of your Trust.


Generation Skipping Tax:隔代税务豁免

This is a tax levied on assets that are given to individuals who are more than one generation away from the donor. An example would be a grandparent giving an asset to a grandchild either during the grandparent’s life or at death. Effective use of generation-skipping exemption allows the assets to avoid estate tax inclusion in the child’s taxable estate.



Is a court-supervised proceeding which names an individual or entity to manage the affairs of an incapacitated person. A guardianship may also include the duty to care for the incapacitated person.


Health Care Power of Attorney:医疗保健授权委托书

Instrument used to allow a person you name to make health care decisions for you should you become incapacitated.


Irrevocable Life Insurance Trust:不可撤销的人寿保险信托

A Trust used to prevent estate taxes on insurance proceeds received at the death of an insured.


Joint Tenancy:联名共有

When property is held in joint tenancy with rights of survivorship by two or more people, upon the death of one of the owners, all of his or her interest in the property is transferred immediately to the surviving owners.



Living Will:生前遗嘱/医嘱指令

Sometimes called a physician’s directive, is a document in which you give directions for life sustaining treatment should you become unable to communicate your wishes. Some states have combined this into the advanced health care directive.

有时被称为医嘱指令,如果您在生命的某些阶段已经无法传达您的意愿,您可以提前在这份文件中给出是否持续治疗的指示。一些州已将其纳入高级医保指令 (advanced health care directive)。

Pour Over Will:注入遗嘱

Is used first to name a guardian for minor children. Second, it protects against intestacy in the event any assets have not been transferred into the Trust at the death of the Trustor/Owner. Its function is to “pour” any assets left out of the Trust into it so they are ultimately distributed according to the terms of the Trust.


Private Foundation:私人基金会

An entity used by higher-wealth families to receive charitable income, gift, or estate tax deduction while allowing the family to retain some control over the assets in the foundation.



Is the court procedure used to change title to assets from the name of an individual who has passed away into the name of the beneficiaries. It is also where all creditors of a decedent file claims to collect their debts and where interested parties can “contest” the Will. An individual who passes away with a Will or no estate plan will go through this process.


Property Power of Attorney:财产授权委托书:

Instrument used to allow an agent you name to manage your property.


Revocable Living Trust:可撤销的生前信托

A device used to avoid probate and provide management of your property, both during life and after death.


State Estate or Inheritance Tax:州遗产税或继承税

A state estate tax is a tax levied by a state government upon the estate of a deceased person. It is levied in much the same way as the federal estate tax. A state inheritance tax is a tax levied by a state government that varies depending upon the relationship of the inheritor to the deceased person. Nearly half the states have a separate state estate or inheritance tax which kicks in at a lower level than that of the federal government.


Step-up in Basis:纳税基数

A step-up — or step-down — in basis is an adjustment for income tax purposes to an asset’s fair market value at the date of the death of the owner of the asset. For example, if you bought a share of stock for $100 that increased in value to $500 at the time of your death, your tax basis was $100 but increases to $500 at the time of death.



The person or entity in charge of the assets in a Trust. While you are alive, you may act as Trustee. For married couples, either one or both spouses may act as Trustee or co-Trustees. The successor Trustee is an individual or corporation fiduciary whom you designate to be in charge of your Trust in the event of disability or upon death.



A legally enforceable declaration of how a person wishes his or her property to be distributed after death. In a Will, a person can also recommend a guardian for his or her children.