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Today's Terms
Incapacity / Incompetent
Definition:
Legally unable to manage one's own affairs due to mental disability. This may be temporary or permanent.
Grantor
Definition:
The person who sets up or creates the trust; also called a Settlor, Trust Creator, Trust Maker, or Trustor.
Exemption Credit
Definition:
The amount of tax credit, similar in nature to the personal income tax exemption, applied to the transfer tax due at a person's death.
More Estate Planning Terms >
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