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Today's Terms
Gain
Definition:
The difference between the Tax Basis (the amount originally paid for property with certain adjustments) and the amount received for the property when it was sold.
Incapacity / Incompetent
Definition:
Legally unable to manage one's own affairs due to mental disability. This may be temporary or permanent.
Devise
Definition:
A gift made by a will or a trust. A devise is made to a beneficiary under the terms of the will or trust.
More Estate Planning Terms >
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