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Today's Terms
Trustee
Definition:
A person or institution responsible for the management and distribution of property held in a Trust. The trustee has the authority to act according to the instructions provided in the trust agreement. See Fiduciary.
Inheritance Tax
Definition:
A tax imposed by the state at the time of a person's death that is based upon the total value of the decedent's estate
Family Limited Partnership
Definition:
A legal partnership agreement between members of a family for the management and control of property for the benefit of family members. Sometimes used to minimize transfer taxes.
More Estate Planning Terms >
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