Glossary of Terms

Inheritance Tax

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Usually refers to the State tax on a decedent’s assets that pass to heirs and beneficiaries.

Gift Tax

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Federal or State tax on large gifts. The Federal Gift Tax Return is IRS Form 709.

Fiduciary Income Tax

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Federal tax on income such as interest, dividends, and rents earned by a trust. The Fiduciary Income Tax return is IRS Form 1041

Estate Income Tax

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Federal tax on income such as interest, dividends, and rents earned while the estate is open. The Estate Income Tax return is IRS Form 1041

Estate Tax

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Federal tax on a decedent’s assets that pass to heirs and beneficiaries. The Estate Tax return is IRS Form 706.

Undue Influence

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Pressure exerted over another person that overpowered the will of that person and caused that person to make a gift, will, or contract

Plaintiff

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The party who files the complaint and demands damages, performance or determination of rights

Defendant

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The party being sued

Constructive Trust

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A description the court uses for property that is improperly transferred to someone as a result of a defective trust or gift while the property is in that person’s possession. The person in wrongful possession is said to hold the property in constructive trust for the rightful owner.

Complaint

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The first document filed with the court by a person or entity claiming legal rights against another.